The company raised $342 million in its initial public offering of $19 per share--$1 higher than the previously anticipated highest price of $18.
It was important to Anschutz, who has made fortunes in real estate, railroads, sports and entertainment, oil and telecommunications to have Regal's headquarters in Denver, even though Regal, based in Knoxville, TN, owned most of the theaters.
Anschutz stitched three bankrupt companies together to create the new one--Regal, Denver-based United Artists Theatre Corp., and Edwards Cinema of California.
The new company owns 5,886 screens in 561 theaters in 36 states. The money raised in the IPO will allow the company to strategically buy more theaters.
The bankruptcies reduced the debt on the companies from about $2 billion to $650 million. It also eliminated expensive, non-economic leases.
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