Intrawest Corporation announces closing of offer and consent solicitation

Intrawest Corporation today announced that its offer to purchase $200
million principal amount of its 9.75% Senior Notes due August 15, 2008
(the “2008 Notes”) has expired. A total of $115,250,500, or 58%, of the
aggregate outstanding principal amount of 2008 Notes was tendered in the
Offer and Consent Solicitation.
As previously reported, Intrawest has executed a second supplemental
indenture to the indenture governing the 2008 Notes, the effect of which
is to eliminate substantially all of the restrictive covenants contained
in the indenture. Intrawest has paid total consideration of
$122,585,714.15 (comprised of purchase price, consent fee and accrued
interest) to the holders of the 2008 Notes. Also as previously reported,
Intrawest has elected to redeem the remaining $84,749,500 of the 2008
Notes on November 21, 2003.
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