Great Wolf amends loan, pushing out maturity, allowing for buyout

By Sara Rosenberg

New York, March 13 - Great Wolf Lodge of the Carolinas LLC amended its loan agreement to extend the maturity to Dec. 31, 2016 and allow for the purchase of its parent company, Great Wolf Resorts Inc., by Apollo Global Management LLC, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Lenders were paid an amendment fee of 225 basis points.

Credit Agricole Corporate and Investment Bank is the agent on the deal.

The amendment was completed on March 12.

Under the buyout agreement, Great Wolf Resorts is being acquired for $5 per share. The transaction is valued at about $703 million, including the assumption of outstanding debt.

A tender offer for the company's shares was expected to commence on Tuesday and will expire in 21 business days.

In addition, the company is offering to purchase its 10.875% first mortgage notes due 2017 at a price of 101, since the buyout constitutes a change of control.

Morgan Stanley & Co. LLC and UBS Investment Bank have committed to purchase any mortgage notes tendered in the offer.

Simultaneously with the offer, the company is asking to waive the change of control provision in the notes, and if that waiver is obtained, the notes will not be repurchased.

Great Wolf is a Madison, Wis.-based operator of indoor waterpark resorts.

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