ClubCorp plans to raise $252 million from IPO

ClubCorp plans to raise about $252 million from initial public offering of 18 million shares

Associated Press

DALLAS (AP) -- ClubCorp Holdings hopes to raise about $252 million from an initial public offering of 18 million shares.

The operator of private golf and country clubs, sports and alumni clubs, said that the IPO priced at $14 per share. That's below the projected range of $16 to $18 per share, according to a regulatory filing.

ClubCorp is offering 13.2 million shares, while a selling stockholder affiliated with KSL Capital Partners LLC is offering 4.8 million shares. In the regulatory filing, ClubCorp initially said that it would offer 10.9 million shares and the selling stockholder would offer 7.1 million shares.

The selling stockholder is giving the underwriters a 30-day option to buy up to an additional 2.7 million shares.

ClubCorp anticipates net proceeds of about $168.8 million, after underwriting discounts and commissions and estimated offering expenses. It won't receive any proceeds from shares sold by the selling stockholder. The company plans to use part of its proceeds to redeem $142.3 million senior notes due 2018. It also expects to use part of the proceeds and available cash to make a one-time payment of $5 million to a KSL Capital affiliate in connection with the ending of a management agreement.

The offering is expected to close on Wednesday.

Shares of ClubCorp Holdings Inc. are expected to start trading on the New York Stock Exchange on Friday under the "MYCC" ticker symbol.

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