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Parques Reunidos says plans to list in Spain in May

Reuters - UK Focus

MADRID, April 4 (Reuters) - Theme park operator Parques Reunidos said on Monday it aimed to list in Spain's main stock markets in May to raise around 525 million euros ($598 million) through an offer of new shares in the initial public offering (IPO).

The company may also sell existing shares.

"The net proceeds from the issuance of new shares will be used to reduce overall indebtedness and provide the company with financial flexibility to fund future growth opportunities," the company said in a press release.

Parques Reunidos is fully owned by Centaur Netherland, which is around 65-percent held by private equity firm Arle.

Morgan Stanley (Xetra: 885836 - news) and Deutsche Bank (LSE: 0H7D.L - news) are acting as joint global coordinators and joint bookrunners on the IPO, it said. ($1 = 0.8784 euros) (Reporting by Robert Hetz; Writing by Paul Day; Editing by Sarah White)