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SeaWorld Entertainment launched its initial public stock offering on Friday, and among the lead underwriters was Goldman Sachs, the great vampire squid.With SeaWorld firmly in its tentacles, Goldman is sucking up millions in investment-banking fees. It's also redeeming some of the $300 million in senior subordinated debt instruments it holds on the big corporate fish tank.Orlando-based SeaWorld runs 11 theme parks, including Busch Gardens in Tampa and SeaWorlds in Orlando, San Diego, and San Antonio. None of the more than $700 million raised in its IPO will go to Shamu the whale, Puck the penguin or anything else that swims in the parks. The money is going to retire debt and pay some enormous fees.Buyout firm Blackstone Group flooded SeaWorld with debt when it purchased it from Anheuser-Busch for $2.3 billion in December 2009. Blackstone put down $1 billion in cash and financed the rest.Friday's opening IPO price of $27 a share valued SeaWorld at about $2.5 billion. The company has mor...
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Former Oklahoma Governor Frank Keating on U.S. banks and regulators.
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