Intrawest Corporation announces successful completion of tender offer and consent solicitation
October 14 2004 - 11:10PM
PR Newswire (US)
Intrawest Corporation announces successful completion of tender
offer and consent solicitation Listed: NYSE TSX Symbols: IDR (NYSE)
ITW (TSX) VANCOUVER, Oct. 14 /PRNewswire-FirstCall/ -- Intrawest
Corporation today announced that it has successfully completed its
tender offer and consent solicitation relating to the $394.16
million principal amount of its 10.50% Senior Notes due February 1,
2010 (the "2010 Notes"). Intrawest's offer to purchase any or all
of the outstanding 2010 Notes (the "Offer") expired at midnight,
New York time, on Wednesday, October 13, 2004 (the "Expiration
Date"). A total of $359,921,000, or 91.3%, of the aggregate
outstanding principal amount of 2010 Notes was validly tendered in
the Offer prior to the Expiration Date. Intrawest has today
accepted for payment the 2010 Notes tendered prior to the
Expiration Date and will pay on October 15, 2004 total
consideration of $395,002,589 (comprised of purchase price, consent
payment and accrued interest) to the holders of the 2010 Notes so
tendered. Holders of 2010 Notes who tendered prior to 5:00 p.m.,
New York time, on September 28, 2004 (the "Consent Date") will
receive a purchase price of $1,076.03 per $1,000 principal amount
of 2010 Notes tendered (of which $10.00 is a consent payment), and
holders of 2010 Notes who have tendered after the Consent Date, but
prior to the Expiration Date, will receive a purchase price of
$1,066.03 per $1,000 principal amount of 2010 Notes tendered. As
previously announced, Intrawest executed on the Consent Date 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. Upon acceptance
for payment of the tendered 2010 Notes, the terms of the first
supplemental indenture have become operative. This announcement is
not an offer to purchase, nor a solicitation of an offer to
purchase, 2010 Notes. 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,
please contact: Mr. John Currie, chief financial officer, (604)
669-9777 or Mr. Tim McNulty, director, investor relations, (604)
623-6620, or at . If you would like to receive future news releases
by email, please contact DATASOURCE: Intrawest Corporation CONTACT:
Mr. John Currie, chief financial officer, (604) 669-9777; or Mr.
Tim McNulty, director, investor relations, (604) 623-6620, or at .
If you would like to receive future news releases by email, please
contact ; 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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