United Parks & Resorts, a leading theme park and entertainment company, reported this month that its stockholders approved a $500 million share repurchase authorization.
United Parks & Resorts Inc. owns or licenses a diverse portfolio of award-winning park brands and experiences, including SeaWorld, Busch Gardens, Discovery Cove, Sesame Place, Water Country USA, Adventure Island, and Aquatica. The seven world-class brands span 13 parks in seven markets across the United States and Abu Dhabi, offering experiences that matter with thrill and family-friendly rides, coasters, and experiences, up-close and educational presentations with wildlife, and other various special events throughout the year.
“We thank our stockholders for their vote on this important matter,” said Marc Swanson, Chief Executive Officer of United Parks & Resorts Inc. “With our strong balance sheet and significant free cash flow generation, we are excited to be able to take advantage of what we believe to be a very attractive opportunity to invest in the shares of our own Company via a share repurchase and return capital to our stockholders.”
On September 3rd, United Parks & Resorts Inc. held a Special Meeting of Stockholders to approve and authorize a new $500.0 million share repurchase program of the company’s common stock, subject to the qualification that the company will not repurchase additional shares if Hill Path’s common stock ownership interest percentage would, as a result of any such repurchase, equal or exceed 70%.
The Share Repurchase Proposal required approval by the holders of a majority of the shares of the Company’s common stock outstanding and entitled to vote as of the record date other than shares beneficially owned by Hill Path and its affiliates.
Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities.
In addition, United Parks & Resorts collectively cares for one of the largest zoological collections in the world, is a global leader in animal welfare, training, and veterinary care, and is one of the leading marine animal rescue organizations in the world with a legacy of rescuing and caring for animals that spans nearly 60 years, including coming to the aid of over 42,000 animals in need.
