United Parks & Resorts Inc. Rebrands

TL;DR

SeaWorld is now United Parks & Resorts Inc. - bigger plans ahead?

AI Summary

United Parks & Resorts Inc. (formerly SeaWorld Entertainment, Inc.) announced a name change effective April 2, 2024. The company, headquartered in Orlando, Florida, is changing its name to reflect a broader scope beyond just marine life parks. This change aims to encompass future growth and diversification strategies.

Why It Matters

The name change from SeaWorld Entertainment, Inc. to United Parks & Resorts Inc. signals a strategic shift, potentially indicating diversification beyond marine parks and impacting investor perception of future growth avenues.

Risk Assessment

Risk Level: low — The filing is a routine name change announcement and does not involve financial distress or significant operational changes.

Key Players & Entities

• United Parks & Resorts Inc. (company) — Registrant and new company name
• SeaWorld Entertainment, Inc. (company) — Former company name
• April 02, 2024 (date) — Effective date of name change
• Orlando, Florida (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share PRKS New York Stock Excha
• $230 million — ity in an aggregate principal amount of $230 million to finance the redemption of the 2025 S
• $227.5 million — the "Redemption Notice") for all of the $227.5 million aggregate principal amount of the Issue

Filing Documents

• prks-20240402.htm (8-K) — 48KB
• 0000950170-24-040353.txt ( ) — 160KB
• prks-20240402.xsd (EX-101.SCH) — 23KB
• prks-20240402_htm.xml (XML) — 4KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Marketing of Term B Facility Repricing On April 2, 2024, United Parks & Resorts Inc. (the "Company") announced that it is launching a fungible incremental term loan facility under that certain Amended and Restated Credit Agreement, dated as of August 25, 2021 (and as amended on June 9, 2022, June 12, 2023 and January 22, 2024), among the Company, SeaWorld Parks & Entertainment, Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, to, among other things, incur a term loan facility in an aggregate principal amount of $230 million to finance the redemption of the 2025 Secured Notes (as defined below). The amendment is subject to market and other conditions, and may not occur as described or at all. This disclosure shall not constitute an offer to sell or the solicitation of an offer to purchase any security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offering, solicitation or sale would be unlawful. Redemption of 8.750% First-Priority Senior Secured Notes due 2025 On April 2, 2024, SeaWorld Parks & Entertainment, Inc. (the "Issuer"), a direct wholly-owned subsidiary of the Company, issued a conditional notice of redemption (the "Redemption Notice") for all of the $227.5 million aggregate principal amount of the Issuer's 8.750% First-Priority Senior Secured Notes due 2025 (the "2025 Secured Notes") that remain outstanding as of the date thereof. The Redemption Notice states that, upon satisfaction of certain conditions as set forth therein, $227.5 million aggregate principal amount of the 2025 Secured Notes will be redeemed on May 2, 2024 (the "Redemption Date") at a price equal to the sum of (i) 100.000% of the principal amount of the 2025 Secured Notes to be redeemed, plus (ii) accrued and unpaid interest, if any, to, but excluding, the Redemption Date. The redemption pursuant to the Redemption Notice is conditioned on the complet

Forward Looking Statements

Forward Looking Statements This report contains statements relating to future results (including certain projections and business trends) that are "forward-looking statements" within the meaning of the federal securities laws. The Company generally uses the words such as "might," "will," "may," "should," "estimates," "expects," "continues," "contemplates," "anticipates," "projects," "plans," "potential," "predicts," "intends," "believes," "forecasts," "future," "guidance," "targeted," "goal" and variations of such words or similar expressions in this report and any attachment to identify forward-looking statements. All statements, other than statements of historical facts included in this report, including statements concerning plans, objectives, goals, expectations, beliefs, business strategies, future events, business conditions, results of operations, financial position, business outlook, earnings guidance, business trends and other information are forward-looking statements. The forward-looking statements are not historical facts, and are based upon current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control. All expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond management's control, that could cause actual results to differ materially from the forward-looking statements contained in this report, including among others: various factors beyond the Company's control adversely affecting attendan

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED PARKS & RESORTS INC. Date: April 2, 2024 By: /s/ G. Anthony (Tony) Taylor Name: Title: G. Anthony (Tony) Taylor Chief Legal Officer, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR