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| Daniel Snyder |
Six Flags' $730 million term loan inched above par, rising from the 99 5/8-100 1/8 range to 100-100 1/4 after it was revealed that Washington Redskins owner Daniel Snyder bought a 9% stake in the company. Trading activity in the name was registered at that level, a dealer said. According to Mark-It Partners/LoanX, the company's bonds have also rallied from from 87 1/2 to the mid-90s. A day before Snyder's announcement, Bill Gates, owner of 12% of the theme park operator, said he was dissatisfied with Six Flags' performance and announced he may seek a spot on the company's board. The term loan is led by Lehman Brothers and has a spread of LIBOR plus 2 1/2%. James Dannhauser, cfo and director of Six Flags, did not return calls. A spokesman declined comment.