Cedar Fair Entertainment Company (NYSE:FUN) closed with change of 1.00% to $64.9 with the total traded volume of 125874 shares versus to an average volume of 116.02K. The stock was down in the 5 days activity -3.49%. The one month performance of stock was low -2.11%. FUN [NYSE] shares are down -3.48% for the quarter and driving a -4.25% over the course of the past year and is now down -0.14% since this point in 2018. Right now FUN beta is 0.47. The average volatility for the week and month was at 2.33% and 2.08% respectively.
Cedar Fair Entertainment Company (NYSE:FUN) recently reported that its lenders have approved a reduction to the borrowing rate on the Company’s $735 million Term Loan B Credit Facility. The overall borrowing rate was reduced by 0.50%, moving from a rate of LIBOR plus a margin of 2.25% to a rate of LIBOR plus a margin of 1.75%. Excluding the cost of the transaction, the lower borrowing rate will save the Company approximately $3.7 million annually in interest costs.
Brian Witherow, Cedar Fair’s Executive Vice President and Chief Financial Officer said “The long-term strength of our business model and strong balance sheet created the opportunity to further reduce our borrowing rates”. “We generate a significant amount of free cash flow and this amendment contributes further to our ability to consistently increase our distributions to unitholders while also investing in our business. We believe we are well positioned to capitalize on opportunities in the future to generate solid returns for our investors for many years to come.”
All other material terms and provisions of the Term Loan B Credit Facility remain substantially the same. Additional details on the above described amendment are set forth in a Current Report on Form 8-K that was filed with the Securities and Exchange Commission today.
Shares of Cedar Fair, L.P. have been recently spotted trading -10.56% off of the 52-week high price. On the other end, company shares have been noted 8.78% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 59.66 – 72.56. Switching over to some distances from popular moving averages, we see that the stock has been recorded -2.24% away from the 50 day moving average and -2.99% away from the 200 day moving average. Moving closer, we can see that shares have been trading -3.38% off of the 20-day moving average.