SeaWorld to redeem $140 million 11% notes due 2016 with IPO proceeds

By Angela McDaniels

Tacoma, Wash., April 18 - SeaWorld Entertainment, Inc. plans to redeem $140 million principal amount of SeaWorld Parks & Entertainment, Inc.'s 11% senior notes due 2016, according to a company news release.

The redemption price will be 111% of par plus accrued interest.

The company will use proceeds from its $270 million initial public offering of common stock to fund the redemption. Proceeds will also be used to repay $37 million of its senior secured term loan B and to make a one-time payment of $47 million to Blackstone Group, LP in connection with the termination of a management advisory agreement.

The IPO is expected to close Wednesday.

SeaWorld is an Orlando, Fla.-based theme park operator.

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