IMC Launches IPO That Leaves Current Owners In Control

In a filing today with the United States Securities and Exchange Commission, International Market Centers, Inc. announced its intention to sell 11.5 million shares of common stock and change its status from limited liability company to controlled company with current ownership representing the majority of share voting power. The company, which owns the Las Vegas World Market Center and the key market buildings in High Point, NC, stated that it expects the public offering price to be between $12 and $14 per share.

The company noted that its common stock had been approved for listing, subject to official notice of issuance, on The New York Stock Exchange under the symbol IMC. For tax purposes, IMC will position itself as a real estate investment trust.

After the offering’s completion, International Market Centers, LP, Bain Capital Partners, LLC and an Oaktree Capital Management, L.P. affiliate, which currently operate the company, will continue to own a majority of the common stock voting power, the filing stated, with the result that IMC will become a controlled company within the meaning of the corporate governance standards of The New York Stock Exchange.

According to an IMC prospectus, the initial public offering will raise approximately $132.3 million, or approximately $153.2 million if the underwriters fully exercise their option to purchase additional shares, assuming an initial public offering price of $13 per share, midpoint of the set range, after deducting the underwriting discounts and commissions and estimated offering expenses payable. Of the money raised, IMC intends about $125.5 million to terminate a lien term loan facility and approximately $1.3 million to satisfy prepayment fees. In addition, an aggregate of $9.3 million goes to IMC LP as it satisfies aggregate fees of $5.3 million to Bain Capital and Oaktree in connection with the termination of an advisory agreement.