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SIX FLAGS TO REDEEM DEBENTURES, PREFERRED STOCK

 NEW YORK, July 1 /PRNewswire/ -- Six Flags Entertainment Corporation ("SFEC") and its wholly owned subsidiary Six Flags Theme Parks Inc. ("Six Flags") announced today that Six Flags will redeem all of its outstanding approximately $164 million aggregate principal amount of 11.75 percent Senior Subordinated Notes due September 30, 1999 and all of its outstanding Series C 9 percent Preferred Stock having an aggregate liquidation value of approximately $53 million. In addition, S.F. Holdings, Inc., a wholly owned subsidiary of SFEC ("Holdings"), will also redeem all of its outstanding Series A 9 percent Preferred Stock having an aggregate liquidation value of approximately $11 million.
 The 11.75 percent Notes will be redeemed on July 31, 1993 at a redemption price of 102 percent of the principal amount plus accrued interest and the Six Flags Preferred Stock will be redeemed on July 31, 1993 at a redemption price per share equal to $1,000 plus accrued dividends. The Holdings Preferred Stock will be redeemed on July 16, 1993 at a redemption price of $1,000 per share plus accrued dividends.
 Six Flags and Holdings intend to finance the redemptions through subordinated loans of approximately $240 million from Time Warner Entertainment Company, L.P. ("TWE"). TWE currently owns 50% of the common stock of SFEC.
 Robert Pittman, chairman and CEO of Six Flags Entertainment Corporation said: "Through this redemption, we will be able to replace higher-cost debt and preferred equity with lower-cost funds. Today's actions will help continue to improve our capital structure and are evidence of Time Warner's confidence in Six Flags."
 Six Flags is both the largest U.S. regional theme park company and the second largest theme park company in the world. Six Flags' parks include Six Flags Great Adventure, Jackson, N.J.; Six Flags Great America, Gurnee, Ill.; Six Flags Over Mid America, Eureka, Mo.; Six Flags Magic Mountain, Valencia, Calif.; Six Flags Over Georgia, Atlanta, Ga.; Six Flags Over Texas, Arlington, Tex.; and Astroworld, Houston, Tex.
 -0- 7/1/93 R
 /CONTACT: Edward Adler of Time Warner, 212-484-6630/
 (TWX)


CO: Six Flags Entertainment Corporation ST: New York IN: LEI SU:

LG -- NY017R -- 7827 07/01/93 14:54 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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