Chemical to Underwrite Six Flags Buyout

Chemical Bank has committed to underwrite most of a $450 million credit to help finance the buyout of Six Flags Corp.

As reported, in August a joint venture formed by Blackstone Group, Time Warner Inc., and Wertheim Schroder offered to buy the theme park operator in a bid valued at about $700 million.

The loan is expected to be syndicated on a "club" basis among 15 banks with existing relationships to the borrowers.

The bank loan matures in seven years and is priced at 250 basis points over the London interbank offered rate. It will not be classified as a highly leveraged transaction.

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