United Parks & Resorts Inc. Files 8-K on New Agreement

TL;DR

UPAR inked a new deal, expect financial moves.

AI Summary

United Parks & Resorts Inc. (formerly SeaWorld Entertainment, Inc.) filed an 8-K on August 26, 2024, reporting on events as of August 23, 2024. The filing indicates the company entered into a material definitive agreement and incurred a direct financial obligation. Specific details regarding the agreement and obligation are not provided in this excerpt.

Why It Matters

This filing signals a significant new financial commitment or partnership for United Parks & Resorts Inc., which could impact its future operations and financial standing.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risks or opportunities that are not fully detailed.

Key Players & Entities

• United Parks & Resorts Inc. (company) — Registrant
• SeaWorld Entertainment, Inc. (company) — Former company name
• 0000950170-24-100314 (filing_id) — Accession Number
• August 23, 2024 (date) — Date of earliest event reported
• August 26, 2024 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share PRKS New York Stock Excha
• $390 million — (the "Revolving Credit Facility") from $390 million to $700 million and an extension of the
• $700 million — Credit Facility") from $390 million to $700 million and an extension of the maturity thereo
• $225,000,000 — 2029 and (y) May 26, 2028, if at least $225,000,000 of Term Loans (or any debt refinancing,

Filing Documents

• prks-20240823.htm (8-K) — 52KB
• prks-ex10_1.htm (EX-10.1) — 2068KB
• 0000950170-24-100314.txt ( ) — 2552KB
• prks-20240823.xsd (EX-101.SCH) — 23KB
• prks-20240823_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On August 23, 2024 (the "Amendment Effective Date"), United Parks & Resorts Inc. (the "Company") entered into an amendment (the "Amendment") to that certain Amended and Restated Credit Agreement, dated as of August 25, 2021 (and as amended on June 9, 2022, June 12, 2023, January 22, 2024 and May 2, 2024) (the "Credit Agreement"), among the Company, SeaWorld Parks & Entertainment, Inc. ("SEA"), each other guarantor party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. Any capitalized term used but not defined herein has the meaning specified to such term in the Credit Agreement. The Amendment amends the Credit Agreement to provide for an increase in its senior secured first lien revolving credit facility (the "Revolving Credit Facility") from $390 million to $700 million and an extension of the maturity thereof from August 25, 2026 to the earlier of (x) August 23, 2029 and (y) May 26, 2028, if at least $225,000,000 of Term Loans (or any debt refinancing, refunding or replacing any Term Loans that mature on or prior to November 22, 2029 ) are outstanding on the date that is 91 days prior to the Term Facility Maturity Date of August 25, 2028 (as such date may be extended consistent with the terms of the Credit Agreement). Borrowings under the Revolving Credit Facility will bear interest at a fluctuating rate per annum equal to, at SEA's option, (i) ABR (provided that in no event shall such ABR rate with respect to the Revolving Credit Facility loans be less than 1.00% per annum) plus an applicable margin equal to 1.25% or (ii) Adjusted Term SOFR (provided that in no event shall such Adjusted Term SOFR rate with respect to the Revolving Credit Facility loans be less than 0.00%) plus an applicable margin equal to 2.25%. The applicable margin for borrowings of Revolving Loans are subject to one 25 basis point step-down upon achievement by the Company o

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Amendment No. 4, dated as of August 23, 2024, to the Amended and Restated Credit Agreement, dated as of August 25, 2021, by and among SeaWorld Parks & Entertainment, Inc., United Parks & Resorts Inc., the subsidiary guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral Agent. 104 Cover page interactive data filed (embedded within the Inline XBRL document).

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: August 23, 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