(Corrects parties issuing shares in second paragraph.)
The company will offer 20 million shares at $24 to $27 a piece, Orlando-based SeaWorld said today in a filing. Existing shareholders are offering 10 million shares, while SeaWorld is offering the rest. The share sale will be managed by Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Barclays Plc and Wells Fargo & Co.
Proceeds from the sale will be used to redeem $140 million in debt as well as pay a fee to an affiliate of Blackstone, SeaWorld said. Shareholders may opt to sell an additional 3 million shares to raise as much as $81 million.
Blackstone, the world’s biggest private-equity firm, is moving ahead with the IPO as soon as this month after rejecting takeover bids for the theme-park operator, a person familiar with the matter said last week. Apollo Global Management LLC and Onex Corp. each made bids for Orlando-based SeaWorld, people with knowledge of the matter said in February.
SeaWorld’s net proceeds from the sale will be approximately $231.3 million based on the midpoint price range of $25.50 a share.
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