United Parks & Resorts Files 8-K on New Agreement

TL;DR

UPKS filed an 8-K for a new material agreement and financial obligation. Details TBD.

AI Summary

United Parks & Resorts Inc. (formerly SeaWorld Entertainment, Inc.) filed an 8-K on December 4, 2024, reporting the entry into a material definitive agreement and the creation of a direct financial obligation. The filing indicates a change in the company's structure or financial commitments, though specific details of the agreement and obligation are not elaborated in the provided text.

Why It Matters

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

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, which inherently carries financial risk that is not fully detailed in the provided excerpt.

Key Players & Entities

• United Parks & Resorts Inc. (company) — Registrant
• SeaWorld Entertainment, Inc. (company) — Former company name
• 0000950170-24-133092 (document_id) — Accession Number
• 20241204 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share PRKS New York Stock Excha
• $1,542.3 million — egate principal amount of approximately $1,542.3 million of Term B-3 Loans under the Credit Agre

Filing Documents

• prks-20241204.htm (8-K) — 58KB
• prks-ex10_1.htm (EX-10.1) — 1900KB
• 0000950170-24-133092.txt ( ) — 2382KB
• prks-20241204.xsd (EX-101.SCH) — 23KB
• prks-20241204_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 4, 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, May 2, 2024 and August 23, 2024) (the "Credit Agreement", and as amended by the Amendment, the "Amended 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 Amended Credit Agreement. New Term Loans The Amendment amends the Credit Agreement to provide for the incurrence of an aggregate principal amount of approximately $1,542.3 million of Term B-3 Loans under the Credit Agreement (the "New Term Loans") to refinance the existing Term B-2 Loans (the "Term B-2 Loans") under the Amended Credit Agreement (the "New Term Facility"). The New Term Loans will be subject to the same affirmative and negative covenants and events of default as the Term B-2 Loans. Borrowings under the New Term Loans 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 New Term Loans be less than 1.50% per annum) plus an applicable margin equal to 1.00% or (ii) Adjusted Term SOFR (provided that in no event shall such Adjusted Term SOFR rate with respect to the New Term Loans be less than 0.50%) plus an applicable margin equal to 2.00%. The New Term Loans require scheduled amortization payments on the term loans in quarterly amounts equal to 0.25% of the aggregate original principal of the New Term Loans, payable quarterly, with the balance to be paid at maturity on December 4, 2031. Revolving C

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Amendment No. 5, dated as of December 4, 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: December 4, 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