Intrawest gets debt commitment from Lehman, Deutsche and Bear for Fortress LBO

By Sara Rosenberg

New York, Aug. 11 - Intrawest Corp. has received a debt financing commitment from Lehman Brothers, Deutsche Bank and Bear Stearns linked to its leveraged buyout by Fortress Investment Group LLC.

As part of the buyout, Intrawest anticipates tendering for its existing bonds, company officials remarked in a conference call Friday.

Under the agreement, Fortress will acquire Intrawest for $35.00 per share payable in cash. The total value of the transaction, including existing debt, is $2.8 billion.

The transaction will be carried out by way of a statutory plan of arrangement and must be approved by the applicable court and by 66 2/3% of the votes cast by holders of Intrawest shares.

Closing is expected to occur in October, subject to customary conditions, including regulatory approvals. The deal is not subject to financing.

Intrawest is a Vancouver, B.C.-based destination resorts and adventure travel company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.