SeaWorld Entertainment has announced it is taking a series of proactive measures to ensure the safety of its customers, employees, and animals, in response to the pandemic. The measures include the amending of its existing credit facility, appropriately managing costs and expenditures and ensuring liquidity as SeaWorld parks remain closed.
On April 19, 2020, SeaWorld Entertainment entered an amendment of its existing revolving credit facility. The agreement stipulates that the company will be exempt from complying with the financial maintenance covenants for the second, third and fourth quarters of 2020. SeaWorld will be required to comply with the covenants from the first quarter of 2021 onwards.
Marc Swanson, interim chief executive officer of SeaWorld Entertainment, described what the amendment will bring to the theme park and entertainment company: “The increase in our revolving credit facility that we secured on March 10th, the amendment to our revolving credit facility that we announced today and the expected proceeds from the notes offering that we also announced today, will provide us with significant financial flexibility and liquidity to operate in this unprecedented and highly uncertain environment.”
“I am proud of our team and thankful for their resilience during these uncertain times. We are fully committed to successfully navigating through this current environment, reopening our parks, and welcoming back our guests as soon as it’s safe and permitted. We are confident in our business and strategy and sincerely look forward to coming out of this crisis and continuing to drive improved operating and financial results and long-term value for all stakeholders,” Swanson continued.