Saturday, October 16, 2010

Whistler to Raise $300 Million in IPO

Whistler Blackcomb Holdings Inc., owner of the Canadian ski resort that hosted the 2010 Winter Olympics, will seek to raise at least $300 million in an initial public offering, according to two people familiar with the sale.
The company will sell a stake as early as this month to repay debt owed to Intrawest ULC, the selling shareholder and a unit of New York-based buyout firm Fortress Investment Group LLC, according to the people, who declined to be named because the details aren’t public. Whistler Blackcomb will list shares on the Toronto Stock Exchange and pay a quarterly dividend, according to an Oct. 8 filing with Canadian regulators.
The sale is led by CIBC World Markets, RBC Dominion Securities, Scotia Capital, BMO Nesbitt Burns, TD Securities, Goldman Sachs Canada, Canaccord Genuity Corp, Desjardings Securities, HSBC Securities (Canada) and Raymond James Ltd., which have the option to sell another 15 percent of the offering after the deal closes, raising proceeds to about C$345 million. Terms of the sale weren’t disclosed in the filing.
Fortress Investment, run by Daniel Mudd, agreed to buy Intrawest Corp. in August 2006 for about $2.8 billion including $950 million in debt.
Previously, Intrawest has sold its Mountain Creek Resort in Sussex County (New Jersey), Copper Mountain last December, Panorama resort, B.C., the Village at Squaw Valley and the Sandestin Golf and Beach Resort. Last April Intrawest announced that it has successfully completed the refinancing of its corporate debt which was due in December 2009. The Company repaid its prior lenders in full and has completed a new loan, which is scheduled to mature in 2014.
Intrawest is a leader in the development and management of experiential destination resorts. The Company has a network of resorts at North America’s most popular mountain destinations including Whistler Blackcomb, the host venue of the 2010 Olympic and Paralympic Winter Games and Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia.

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