Parques Reunidos says plans to list in Spain in May

MADRID, April 4 (Reuters) - Theme park operator ParquesReunidos said on Monday it aimed to list in Spain's main stockmarkets in May to raise around 525 million euros ($598 million)through an offer of new shares in the initial public offering(IPO).

The company may also sell existing shares.

"The net proceeds from the issuance of new shares will beused to reduce overall indebtedness and provide the company withfinancial flexibility to fund future growth opportunities," thecompany said in a press release.

Parques Reunidos is fully owned by Centaur Netherland, whichis around 65-percent held by private equity firm Arle.

Morgan Stanley and Deutsche Bank are acting as joint globalcoordinators and joint bookrunners on the IPO, it said.($1 = 0.8784 euros) (Reporting by Robert Hetz; Writing by Paul Day; Editing bySarah White)