Six Flags Buying Back Stock From Investor
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Six Flags Entertainment Corp., which owns the Magic Mountain theme park in Valencia, is buying most of its stock back from a corporate investor that helped bail the company out last year.
Currently, the Blackstone Group, Inc., of New York, owns about 75% of the Class A stock in Six Flags, a type of stock that traditionally gives its holder greater voting power than common stock. After the buyout, Blackstone will retain a small interest in the company, which is the second-largest theme park operator in the U.S.
Six Flags, which is based in New Jersey, also plans to issue $100 million of zero coupon bonds--which do not pay interest until their redemption dates--backed by Time Warner Inc., which currently owns 28.6% of Six Flags.
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