Intrawest Corporation announced today the successful syndication of its US$300-million three-year senior credit facility. Led by Scotia Capital with U.S. Bank as Syndication Agent and HSBC and Deutsche Banc Alex Brown as Co-Documentation Agents, the facility was oversubscribed, with the company receiving commitments from a total of nine participant banks.
The facility is expected to close in late October 2001. The proceeds will be used to refinance existing credit facilities that mature within the next 18 months, and for general corporate purposes.
“This new financing facility, together with the public debt financing completed in February of this year, meet the company`s corporate financing requirements for the foreseeable future and give the company considerable financial flexibility,” said Daniel Jarvis, executive vice president and chief financial officer.
Intrawest is the leading developer and operator of village-centered resorts across North America. The company owns 10 mountain resorts, including Whistler Blackcomb, North America`s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest Corporation`s shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia and is located on the World Wide Web at www.intrawest.com.