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SeaWorld Entertainment Inc Prices Initial Public Offering


Thursday, 18 Apr 2013 08:08pm EDT 

SeaWorld Entertainment Inc announced the pricing of an initial public offering of 26,000,000 shares of its common stock at $27.00 per share. SeaWorld Entertainment is offering 10,000,000 shares to be sold in the offering and selling stockholders affiliated with The Blackstone Group L.P. are offering an additional 16,000,000 shares to be sold in the offering. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3,900,000 shares at the initial public offering price. The shares are expected to begin trading on the New York Stock Exchange on April 19, 2013, under the ticker symbol "SEAS," and the offering is expected to close on April 24, 2013. SeaWorld Entertainment will receive net proceeds of approximately $245.4 million after deducting underwriting discounts and commissions and estimated offering expenses payable by SeaWorld Entertainment. SeaWorld Entertainment will not receive any of the proceeds from the sale of the shares sold by the selling stockholders. SeaWorld Entertainment intends to use a portion of the net proceeds from the offering to redeem $140.0 million in aggregate principal amount of 11% Senior Notes due 2016 issued by its subsidiary SeaWorld Parks & Entertainment, Inc. Goldman, Sachs & Co. and J.P. Morgan are acting as joint bookrunning managers and as representatives of the underwriters in the offering. Citigroup, BofA Merrill Lynch, Barclays and Wells Fargo Securities are also bookrunners in the offering.