By Wendy Van Sickle
Columbus, Ohio, April 21 – SeaWorld Entertainment, Inc. priced a $227.5 million offering of five-year first-priority senior secured notes (B3/B-) at par to yield 8¾% in a Tuesday drive-by, according to a news release issued Tuesday evening.
The notes are being issued by the company’s SeaWorld Parks & Entertainment, Inc. subsidiary.
Initial talk was in the high 8% area to 9%, according to a bond trader.
J.P. Morgan Securities LLC is leading the deal.
The Rule 144A and Regulation S notes come with two years of call protection.
The Orlando-based theme park and entertainment company plans to use the proceeds for working capital and other general corporate purposes.
| Issuer: | SeaWorld Parks & Entertainment, Inc.
|
| Guarantor: | SeaWorld Entertainment, Inc.
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| Amount: | $227.5 million
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| Tenor: | Five years
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| Securities: | First-priority senior secured notes
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| Bookrunner: | J.P. Morgan Securities LLC
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| Coupon: | 8¾%
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| Price: | Par
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| Yield to maturity: | 8¾%
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| Call protection: | Two years
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| Trade date: | April 21
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| Settlement date: | April 30
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| Ratings: | Moody's: B3
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| S&P: B-
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| Distribution: | Rule 144A and Regulation S
|
| Price talk: | High 8% area to 9%
|
| Marketing: | Drive-by
|
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