SeaWorld Entertainment Inc., the parent company of Busch Gardens and Water Country USA, is planning to sell up to 23 million shares of its common stock, which could bring in up to $621 million.
The company initially filed documents with the U.S. Securities Exchange Commission in December last year to ready for selling stock under the ticker “SEAS” with a maximum earning of $100 million. Subsequent amendments to the filing named the New York Stock Exchange as the market for sales, an amendment last week showed a company-wide 2012 net revenue of $77.4 million.
In a Tuesday amendment to its SEC filing, SeaWorld listed the intention of selling 20 million shares of common stock, with 10 million shares available each from SeaWorld and selling stockholders. If more than the 20 million shares are sold, an additional 3 million could be purchased from the selling stockholders.
The initial price per share is estimated to be between $24 and $27 in the amendment. Based on a maximum number of 23 million shares sold and a maximum price per share of $27, the company could earn a maximum of $621 million.
With the sale and distribution of the stock shares, SeaWorld is estimating $8.4 million in costs for filing, registration, accounting, legal and other fees.
In addition, the amendment reflects an eight-for-one stock split of common stock, meaning existing shareholders will be issued additional shares to equal eight times the number they currently hold.
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