Six Flags Share Buyback Program Expanded By $500 Million

Six Flags Entertainment Corp. said Tuesday that it has expanded its share repurchase program by $500 million. The company has repurchased $1.3 billion in stock since the beginning of its buyback program in February 2011, and has about $10 million available under its current plan. Six Flags plans to raise $300 million in a private placement of senior notes, with half of the money to be used to pay a portion of the company's outstanding senior secured term loan, which matures in 2022. The other half will be used for corporate purposes including share repurchases and refinancing fees. Six Flags shares are up 0.4% in premarket trading, and up 23.4% for the last 12 months. The S&P 500 is up 0.8% for the past year.