SeaWorld Entertainment, Inc., a theme park and entertainment company, announced that it has priced its initial public offering of 26 million common shares at $27.00 per share, which is at the high end of its estimated $24 to $27 per share range. The company's shares are expected to begin trading on the New York Stock Exchange on April 19, 2013, under the ticker symbol "SEAS"
Of the total shares offered, the company is selling 10 million shares, while the selling stockholders affiliated with The Blackstone Group L.P. (BX) are offering an additional 16 million shares. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3.90 million shares.
SeaWorld Entertainment said it will receive net proceeds of approximately $245.4 million after deducting underwriting discounts and commissions and estimated offering expenses. The company intends to use a portion of the net proceeds to redeem $140.0 million of 11% Senior Notes due 2016 issued by its subsidiary SeaWorld Parks & Entertainment, Inc. and to repay $37.0 million of its senior secured term loan B facility.
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