ClubCorp Holdings, Inc. Announces Pricing Of Its Initial Public Offering
DALLAS, Sept. 19, 2013 /PRNewswire/ -- ClubCorp Holdings, Inc. ("ClubCorp"), a leading owner-operator of private golf and country clubs, business, sports and alumni clubs in North America, today announced the pricing of an initial public offering of 18,000,000 shares of its common stock at $14.00 per share.
ClubCorp is offering 13,200,000 shares to be sold in the offering and a selling stockholder affiliated with KSL Capital Partners, LLC is offering an additional 4,800,000 shares to be sold in the offering. The selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 2,700,000 shares at the initial public offering price. The shares are expected to begin trading on the New York Stock Exchange on September 20, 2013, under the ticker symbol "MYCC," and the offering is expected to close on September 25, 2013, subject to customary closing conditions.
ClubCorp will receive net proceeds of approximately $168.8 million after deducting underwriting discounts and commissions and estimated offering expenses payable by ClubCorp. ClubCorp will not receive any of the proceeds from the sale of the shares sold by the selling stockholder. ClubCorp intends to use a portion of the net proceeds from the offering to redeem $145.25 million in aggregate principal amount of 10% Senior Notes due 2018 issued by its subsidiary ClubCorp Club Operations, Inc., at a redemption price of 110.0% plus accrued and unpaid interest thereon. In addition, ClubCorp intends to use a portion of the net proceeds from the offering and cash on hand to make a one-time payment of $5.0 million to an affiliate of KSL Capital Partners, LLC in connection with the termination of a management agreement.
Goldman, Sachs & Co., Jefferies LLC, Citigroup Global Markets Inc., BofA Merrill Lynch and Deutsche Bank Securities Inc. are acting as joint bookrunners in the offering. Wells Fargo Securities, LLC and Stephens Inc. are acting as co-managers in the offering.
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