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SeaWorld increases insider selling, deal size now over $650 million

Posted
4/18/2013 8:53:00 AM
By: Renaissance Capital
Referenced Stocks:SEAS

SeaWorld Entertainment, a Blackstone-backed operator of 11 US theme parks such as SeaWorld and Busch Gardens, raised the proposed deal size for its upcoming IPO on Thursday. The Orlando, FL-based company now plans to raise $663 million by offering 26 million shares (62% insider) at a price range of $24 to $27. The company had previously filed to offer 20 million shares (50% insider); the additional 6 million shares are all from insiders. At the midpoint of the revised range, SeaWorld Entertainment will raise 30% greater proceeds than previously anticipated.

SeaWorld Entertainment, which was founded in 1959 and booked $1.4 billion in sales for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol SEAS. Goldman Sachs, J.P. Morgan, Citi, BofA Merril Lynch, Barclays and Wells Fargo are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2013.