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SeaWorld increases insider selling, deal size now over $650 million
By: Renaissance Capital
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.