Cedar Fair to Buy Paramount Parks
Copyright 2006 Geoff Gannon
Publicly traded limited partnership Cedar Fair (FUN) will acquire the Paramount Parks business of CBS Corp (CBS) for approximately $1.25 billion. The five parks involved in the deal are located near Cincinnati (OH), Richmond (VA), Charlotte (NC), Santa Clara (CA), and Toronto.
Cedar Fair already operates seven amusement parks and five water parks, including the company's flagship Cedar Point property on Lake Erie. The company intends to keep all five properties. The deal will be financed by a $2 billion loan from Bear Stearns (BSC). The interest rate charged will be determined once Cedar Fair's debt has been rated.
The acquisition is quite large relative to the size of Cedar Fair's existing business.
Cedar Fair generated $569 million in revenues during 2005. During the same time period, the Paramount Parks properties generated $423 million in revenues.
In addition to the five parks, Cedar Fair will receive Star Trek: The Experience (at the Las Vegas Hilton) and the Nickelodeon license at the five Paramount Parks.
The Paramount Parks properties encompass about 1,250 owned acres and 180 leased acres. Based on past attendance, the five acquired properties will likely be some of the most visited parks in the new Cedar Fair portfolio. However, none of the new properties is likely to eclipse Cedar Fair's two most visited properties: Cedar Point and Knott's Berry Farm.
By far the two largest parks being acquired are Canada's Wonderland (located near Toronto) and Kings Island (located near Cincinnati).
Cedar Fair's chairman Dick Kinzel said:
"This acquisition will provide exciting new growth opportunities and the potential for meaningful incremental free cash flow as we realize $20-$30 million in annual cash flow synergies over the next 3-5 years. It will also add significant geographic diversity to our portfolio of parks and improve our position as one of the largest regional amusement park operators in the world."
The acquisition will require significant debt financing.
However, the amusement park business generally has a very high free cash flow margin. Cedar Fair's existing properties are excellent generators of free cash flow. The company makes large cash distributions to unitholders; the current yield is somewhere around 6.85% (reminder: Cedar Fair is a Limited Partnership). Returns on both assets and equity have generally been quite high.
The deal is expected to close in the third quarter of 2006. Most analysts believe CBS will use the roughly $1 billion in after-tax proceeds to buy back shares.
Over the last ten years, Cedar Fair has compounded its book value per share at an annual rate of 8.11% and earnings per share at an annual rate of 6.30%.
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Florida Refinance Mortgage 
Debt consolidation > Florida Refinance Mortgage
New Bankruptcy Law Reinforces Consumer Choices A Debt Management Program is Probably a Better Option than Bankruptcy for Most
Boise, Idaho (ContentDesk) October 11, 2005 -- When the new federal bankruptcy law goes into effect on October 17, many consumers will believe they have missed the "deadline" to alleviate their debt problems. In reality, missing the deadline could be a good thing for their financial well-being. After all, bankruptcy can stay on a credit report for up to ten years and should be used as a last-resort option.Unfortunately, many consumers who have debt problems do not fully understand the options available to them to pay off their debt and get their finances under control, so they rush into decisions that have a negative impact on their long term credit history and damage their ability to borrow money at affordable rates and terms."Some people just don't understand that filing for bankruptcy should be the last option they choose," said Todd Christensen, director of education for Debt Reduction Services. "There are programs out there-credit counseling, debt management and credit and debt...
New Bankruptcy Law Reinforces Consumer Choices A Debt Management Program is Probably a Better Option than Bankruptcy for Most
Debt consolidation > New Bankruptcy Law Reinforces Consumer Choices A Debt Management Program is Probably a Better Option than Bankruptcy for Most
Make Your Equity Worth With Bad Credit Secured Personal Loan
Are you being refused a personal loan because of your bad credit score? A poor credit history can happen to anyone and at any time. These are becoming common nowadays. Having a poor credit history does not mean that needs of person are getting refined or he does not need money further to fulfill his desires. The needs continue even after bad credit. In fact, the borrower has a greater need for funds to end up all his debts.
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Now that you have bad credit rating, it doest not mean that...
Debt consolidation > Make Your Equity Worth With Bad Credit Secured Personal Loan
Avoid Perils of Health Insurance
Before giving information on what are the perils of Health Insurance, one should know what Health Insurance is. Health insurance can be defined as the type of insurance whereby the insurance agency covers the cost to be incurred by the insured in times of his or her sickness or accidents. This insurance is an agreement between the insurer and insured wherein the insured needs to pay premium to the insurer. And in exchange the insurer covers his medical costs in times of his or her sickness.
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everyone has got unknown future and the insurance policy would cover their expenses in times of need. Health insurance thus is marketed on the basis of hype that you may become sick tomorrow. But it is a good practice to have a health insurance to cover your expenses for surgery, hospitalisation, doctor's...
Avoid Perils of Health Insurance
Debt consolidation > Avoid Perils of Health Insurance
Debt consolidation UK- for Zero Debts and Zero Stress
I had taken a number of loans on different occasions. Once I took a loan to buy a car, then I took another loan on Christmas to meet the celebration expenses and the list goes on. I was much tensed as I didn't know what to do. I was fed up of harassing phone calls from lenders. But, last week a drastic change came in my life.
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With the growing number of defaults on loan payments and bankruptcy cases, debt consolidation has become a common practice in UK. Debt consolidation UK is customized for UK residents to get them out of debts.
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Lower monthly payment on the loan will help...
Debt consolidation UK- for Zero Debts and Zero Stress
Debt consolidation > Debt consolidation UK- for Zero Debts and Zero Stress
Life Insurance ? Wise Investment In Personal Finance Or Excessive Caution?
Life insurance is typically taken out to offer valuable financial protection for your family in the event of your death, upon which a payment is made to your financial beneficiaries, heirs or family members. The extent of this payment will depend on your insured sum and earnings. Life insurance and life assurance may be interlinked in advertisements, though bear in mind the two policies are different. Life assurance is a form of financial protection which is also an investment, as you should always get a pay-out at the end of the term of the policy. Life insurance on the other hand is simply financial protection for your family, avoiding the issue of debt in the event of your death.According to an article by the Fair Investment Company, the British life insurance industry shrank to almost half the size of the pensions industry last year and according to the Association of British Insurers, less than 50% of UK households hold a life insurance policy.In their most recent newsletter about...
Life Insurance ? Wise Investment In Personal Finance Or Excessive Caution?
Debt consolidation > Life Insurance ? Wise Investment In Personal Finance Or Excessive Caution?
Follow Debt Management Advice And Achieve More
What we understand by debt is the outside money or help in other shapes or forms that we have taken. Generally it is for the improvement of the various things that we are associated with, things like household, business or may be even the personal life of an individual as a loan taker. But there are a few times when the situation looks bleak. For that you can take debt management advice.
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Some of the topics on which the advice may me required or be sought after the borrowers of the loans.
? Types of the loans to be taken i.e. the secured loans or the unsecured loans
? What would be the ideal amount for the loans?
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Debt consolidation > Follow Debt Management Advice And Achieve More
Becoming Debt Free Requires Desire
You want to escape from your debts, right? But before you make a start, let me remind you that it won't be easy. In fact, it could be one of the hardest things that you'll ever do in your life.
Don't be under any illusions about this. Enormous self-discipline is required from you. The more you owe, the harder this will be, and the longer it will take.
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Clearing your debts is an all or nothing decision. Ninety-nine percent is no good!
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Make a promise to yourself to repay your debts as soon as possible. Get the bit between your teeth and keep plugging away at it...
Debt consolidation > Becoming Debt Free Requires Desire