Intrawest Corporation announces successful Consent Solicitation
September 29 2004 - 1:24AM
PR Newswire (US)
Intrawest Corporation announces successful Consent Solicitation
www.intrawest.com VANCOUVER, Sept. 28 /PRNewswire-FirstCall/ --
Intrawest Corporation ("Intrawest") today announced that it has
successfully completed its Consent Solicitation relating to the
$394,160,000 principal amount of its 10.5% Senior Notes due
February 1, 2010 (the "2010 Notes"). The Consent Solicitation was
conducted in conjunction with Intrawest's offer to purchase all of
the outstanding 2010 Notes (the "Offer") and expired at 5:00 p.m.,
New York time, on Tuesday September 28, 2004 (the "Consent Date").
A total of $354,771,000, or approximately 90%, of the aggregate
outstanding principal amount of 2010 Notes was tendered in the
Offer to Purchase and Consent Solicitation prior to the Consent
Date. Accordingly, Intrawest has executed a first supplemental
indenture to the indenture governing the 2010 Notes, the effect of
which is to eliminate substantially all of the restrictive
covenants contained in the indenture. The total consideration to be
paid for each validly tendered 2010 Note and properly delivered
consent will be based upon a fixed spread of 50 points over the
yield to maturity on the Price Determination Date (as defined
below) of the 7.5 % U.S. Treasury Note due February 15, 2005, and
includes a consent payment of $10.00 per $1,000 principal amount of
2010 Notes to the above holders who tendered their 2010 Notes and
delivered their consents prior to 5:00 p.m. today. Holders of
validly tendered 2010 Notes will also be entitled to receive
accrued and unpaid interest up to, but not including, the payment
date. The Offer, as described in Intrawest's Offer to Purchase and
Consent Solicitation dated September 15, 2004 and related Letter of
Transmittal (the "Offer Documents"), expires at midnight, New York
time, on October 13, 2004 (the "Expiration Date") unless it is
extended or terminated earlier. Payment for 2010 Notes tendered on
or prior to the Expiration Date will be made on the second business
day immediately following the Expiration Date. The yield to
maturity of each reference U.S. Treasury Note used in the fixed
spread formula will be set at 2:00 p.m., New York time, on the
second business day prior to the Expiration Date (the "Price
Determination Date"). This announcement is not an offer to
purchase, nor a solicitation of an offer to purchase the 2010
Notes. The conditions to the Offer continue to be as set out in the
Offer Documents. The Offer Documents should be read carefully
before any decision is made with respect to the Offer. Intrawest
Corporation is the world's leading operator and developer of
village-centered resorts. Intrawest owns or controls 10 mountain
resorts in North America's most popular mountain destinations,
including Whistler Blackcomb, a host venue for the 2010 Winter
Olympic Games. Intrawest also owns Sandestin Golf and Beach Resort
in Florida and has a premier vacation ownership business, Club
Intrawest. Intrawest is developing five additional resort villages
at locations in North America and Europe. The company has a 45 per
cent interest in Alpine Helicopters Ltd., owner of Canadian
Mountain Holidays, the largest heli-skiing operation in the world.
Intrawest is headquartered in Vancouver, British Columbia. For more
information, visit http://www.intrawest.com/. Statements contained
in this release that are not historical facts are forward-looking
statements that involve risks and uncertainties. Intrawest's actual
results could differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
Intrawest's ability to implement its business strategies,
seasonality, weather conditions, competition, general economic
conditions, currency fluctuations and other risks detailed in the
company's filings with the Canadian securities regulatory
authorities and the U.S. Securities and Exchange Commission. For
additional information, contact Mr. John Currie, chief financial
officer, at (604) 669-9777 or Tim McNulty, director, investor
relations, at (604) 623-6620 or at . DATASOURCE: Intrawest
Corporation CONTACT: Mr. John Currie, chief financial officer, at
(604) 669-9777 or Tim McNulty, director, investor relations, at
(604) 623-6620 or at .; To request a free copy of this
organization's annual report, please go to http://www.newswire.ca/
and click on reports@cnw.
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