SeaWorld Files to Raise $540 Million at $27 per Share

(Corrects parties issuing shares in second paragraph.)

SeaWorld Entertainment Inc. (SEAS), the aquatic theme-park operator owned by Blackstone Group LP (BX), is seeking to raise as much as $540 million in its initial public offering.

The company will offer 20 million shares at $24 to $27 a piece, Orlando-based SeaWorld said today in a filing. Existing shareholders are offering 10 million shares, while SeaWorld is offering the rest. The share sale will be managed by Goldman Sachs Group Inc., JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Barclays Plc and Wells Fargo & Co.

Proceeds from the sale will be used to redeem $140 million in debt as well as pay a fee to an affiliate of Blackstone, SeaWorld said. Shareholders may opt to sell an additional 3 million shares to raise as much as $81 million.

Blackstone, the world’s biggest private-equity firm, is moving ahead with the IPO as soon as this month after rejecting takeover bids for the theme-park operator, a person familiar with the matter said last week. Apollo Global Management LLC and Onex Corp. each made bids for Orlando-based SeaWorld, people with knowledge of the matter said in February.

SeaWorld’s net proceeds from the sale will be approximately $231.3 million based on the midpoint price range of $25.50 a share.

To contact the reporter on this story: Ruth David in London at rdavid9@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.