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8-K - 8-K - Six Flags Entertainment Corp | a11-7042_18k.htm |
Exhibit 99.1
SIX FLAGS INITIATES STOCK REPURCHASE PROGRAM
Company also receives credit rating upgrade from Standard & Poors
Grand Prairie, TX February 24, 2011 Six Flags Entertainment Corporation (NYSE: SIX), the worlds largest regional theme park company, announced today that its board of directors has approved a stock repurchase plan that permits the company to repurchase up to $60 million of common stock over a three-year time period.
The decision to initiate a share repurchase plan reflects the board of directors confidence in the companys future capabilities, said Jim Reid-Anderson, Six Flags Chairman, President and Chief Executive Officer. We believe this plan is a sound use of our cash and a responsible way to enhance shareholder value.
In addition, Standard & Poors announced today that it is raising the companys corporate credit rating to BB-, a one notch upgrade, which pursuant to the terms of the companys credit agreement immediately reduces the companys rate of borrowing on their senior term loan by 25 basis points.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the worlds largest regional theme park company with 2010 revenue of nearly $1.0 billion and 19 parks across the United States, Mexico and Canada. Six Flags Over Texas, the companys flagship location, is celebrating its 50th anniversary season in 2011.
Contact:
Nancy Krejsa
Senior Vice President
Investor Relations and Corporate Communications
+1-972-595-5083
nkrejsa@sftp.com