Six Flags Entertainment (FUN) said late Wednesday it priced $1 billion of 8.625% senior notes due 2032.

Net proceeds will be used with cash on hand to redeem the company's 5.375% senior notes and 5.50% senior notes, both due April 2027, according to a statement.

The offering is expected to be completed on Jan. 14, subject to closing conditions, according to the company.