Intrawest re-financed
October 23, 2008 at 6:06 PM EDT
VANCOUVER — Intrawest ULC, owner of 2010 Vancouver Olympics venue Whistler-Blackcomb, has refinanced $1.7-billion (U.S.) of debt, clinching the deal just hours before Thursday's deadline.
The company, which made the announcement Thursday afternoon, had scrambled to refinance the debt amid the chaos of the tight credit markets and plunging stock markets. The company is also struggling as high-end tourism and real estate are suffering because of the weak economy.
The credit market was a challenging factor, said Bill Jensen, chief executive officer of Intrawest, which was purchased two years ago for $1.8-billion in a heavily leveraged buyout by Fortress Investment Group LLC of New York.
“The support Fortress and our lenders have shown underscores their confidence in Intrawest and will enable us to continue to execute on our long-term strategic plans,” Mr. Jensen said in a statement on Thursday.
Intrawest said it had unanimous support of all its lenders.
The unanimous backing was required, according to financial analysts. At least one lender hadn't agreed to the refinancing, leading to the last-minute scramble.
VANCOUVER — Intrawest ULC, owner of 2010 Vancouver Olympics venue Whistler-Blackcomb, has refinanced $1.7-billion (U.S.) of debt, clinching the deal just hours before Thursday's deadline.
The company, which made the announcement Thursday afternoon, had scrambled to refinance the debt amid the chaos of the tight credit markets and plunging stock markets. The company is also struggling as high-end tourism and real estate are suffering because of the weak economy.
The credit market was a challenging factor, said Bill Jensen, chief executive officer of Intrawest, which was purchased two years ago for $1.8-billion in a heavily leveraged buyout by Fortress Investment Group LLC of New York.
“The support Fortress and our lenders have shown underscores their confidence in Intrawest and will enable us to continue to execute on our long-term strategic plans,” Mr. Jensen said in a statement on Thursday.
Intrawest said it had unanimous support of all its lenders.
The unanimous backing was required, according to financial analysts. At least one lender hadn't agreed to the refinancing, leading to the last-minute scramble.