Six Flags Entertainment Extends Share Buyback Program, Offers $300 Million Notes Privately

Six Flags Entertainment Corporation SIX revealed that its board approved a stock buyback program, enabling it to repurchase an incremental $500 million of its common stock. According to the company, it bought back nearly $1.3 billion of its common stock since beginning its share repurchase program in February 2011.

Currently, Six Flags Entertainment has about $10 million available under its plan. The latest would boost the available amount to $510 million.

Separately, the company disclosed that it sought to raise $300 million in a private placement of senior notes. It plans to use half of the proceeds to pay down a part of its outstanding senior secured Term Loan B that matures in 2022 and the other half for general corporate purposes. That included share buyback and refinancing fees.

The company stated the offering of the notes would be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

The stock traded 1.34 percent higher on Tuesday.