Shares were priced at $20 apiece, at the upper end of its $18 to $21 range, giving the company a valuation of almost $20bn.
Blackstone paid an eye-watering $26bn for the company in 2007, before restructuring its $20bn debt pile in 2010. The firm also refinanced close to $13 of debt prior to the IPO, Reuters reported. The proceeds will be used to pay down $1.25m in debt. The firm has invested $6.4bn in the company, and will hold a 76.2 per cent stake following the listing.
The company’s EBITDA is forecast to be 58 per cent higher this year than in 2009 according to a recent presentation to Blackstone shareholders.
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