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ClubCorp Holdings Inc Announces Closing Of Initial Public Offering


Wednesday, 25 Sep 2013 03:57pm EDT 

ClubCorp Holdings Inc announced the closing of its previously announced initial public offering of 18,000,000 shares of common stock at a price to the public of $14.00 per share. ClubCorp issued and sold 13,200,000 shares of common stock in the offering and a selling stockholder affiliated with KSL Capital Partners, LLC offered and sold 4,800,000 shares of common stock in the offering. The offering raised proceeds to ClubCorp of approximately $168.8 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by ClubCorp. ClubCorp will not receive any of the proceeds from the sale of the shares sold by the selling stockholder. ClubCorp intends to use a portion of the net proceeds from the offering to redeem $145.25 million in aggregate principal amount of the 10% Senior Notes due 2018 issued by its subsidiary, ClubCorp Club Operations, Inc., at a redemption price of 110.0%, plus accrued and unpaid interest thereon. In addition, ClubCorp intends to use a portion of the net proceeds from the offering and cash on hand to make a one-time payment of $5.0 million to an affiliate of KSL Capital Partners, LLC in connection with the termination of a management agreement. Goldman, Sachs & Co., Jefferies LLC, Citigroup Global Markets Inc., BofA Merrill Lynch and Deutsche Bank Securities Inc. acted as joint bookrunners in the offering. Wells Fargo Securities, LLC and Stephens Inc. acted as co-managers in the offering. 

Company Quote

18.26
0.2 +1.11%
26 Dec 2014