Party City Holdco Expects To Price IPO In $15 - $17 Per Share Range

(RTTNews) - Party City Holdco Inc., U.S. party goods retailer, said that it will offer 21.875 million shares in an initial public offering that is expected to be priced between $15.00 and $17.00.

It intends to list the common stock on the New York Stock Exchange under the symbol "PRTY".

The company said it has granted the underwriters the option to purchase up to an additional 3.28 million shares of its common stock on the same terms and conditions set forth above if the underwriters sell more than 21.875 million shares of its common stock in this offering.

Assuming an initial public offering price of $16.00, which is the midpoint of the range listed on the cover page of this prospectus, the company estimates that the net proceeds to the company from this offering will be about $326.3 million.

The company noted that it intends to use the net proceeds from this offering to pay a $30.7 million termination fee, in the aggregate, to the Sponsors pursuant to its management agreement with them, which will thereafter be terminated, and to redeem all or a portion of the senior PIK toggle notes.

Founded in 1947, Party City offers decorated party supplies including paper and plastic tableware, metallic and latex balloons, novelties, costumes and other garments, stationery and gifts for everyday, themed and seasonal events. Its products are available in over 100 countries with the U.K., France, Germany and Australia among the largest end markets for outside North America.