Acquisition Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Acquisition Subsequent Events

Acquisition Subsequent Events:

On July 1, 2019, the Partnership completed the acquisition of two water parks and one resort in Texas, the Schlitterbahn Waterpark & Resort New Braunfels and the Schlitterbahn Waterpark Galveston ("Schlitterbahn"), for a cash purchase price of $258.9 million, subject to certain working capital adjustments. Schlitterbahn will be included within the Partnership's single reportable segment of amusement/water parks with accompanying resort facilities. The purchase price allocation remains preliminary as management completes the valuation assessment of property acquired and finalizes the working capital adjustment. Acquisition related transaction costs totaled $0.9 million for the six months ended June 30, 2019 and are included in Selling, general and administrative expenses within the unaudited condensed consolidated statement of operations and comprehensive income.

In conjunction with the acquisition, the Partnership issued $500 million of 5.250% senior unsecured notes maturing in 2029 (see Note 6). The net proceeds from the offering of the notes were used to complete the Schlitterbahn acquisition, complete the purchase of land at California's Great America (see Note 11), to pay transaction fees and expenses, and for general corporate purposes and repayment of the revolving credit facility. In addition to the water parks and resort acquired on July 1, 2019, the Partnership has the right to acquire an additional property located in Kansas City, Kansas for a cash payment of $6.0 million.

The Partnership completed an immaterial acquisition of Sawmill Creek Resort located in Huron, Ohio on July 3, 2019. Sawmill Creek Resort is a 236-room resort lodge located on 235 acres with a marina, a half-mile beach and 50 acres of undeveloped land.