ClubCorp Holdings Inc. filed for an initial public offering. According to a Securities and Exchange Commission filing dated July 12, ClubCorp Holdings aimed to raise up to US$100 million.
According to the company, it planned to use the proceeds from the IPO for debt repayment. The debt was a result of a loss in 2012. During that year, ClubCorp Holdings lost US$27 million. Shares of the company will be listed on the New York Stock Exchange.
ClubCorp Holdings operated eight business and golf clubs in Atlanta. These are the Commerce Club, the Buckhead Club, Laurel Springs Golf Club, Bear's Best Atlanta, Northwood Country Club, Landing Country Club, Country Club of the South, and Country Club of Gwinnett. In addition, ClubCorp Holdings also owned Woodside Plantation Country Club located in Augusta, Georgia.
The company acquired Country Club of the South in 2010 for US$7.4 million. This was after the foreclosure of the country club. After investing US$2 million in refurbishments, membership in the club has grown to more than 8% each year.
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