New Issue: Great Wolf Resorts prices $230 million 10 7/8% mortgage notes to yield 11 7/8%

By Paul A. Harris

St. Louis, March 30 - GWR Operating Partnership, LLLP and Great Wolf Finance Corp. priced a $230 million issue of 10 7/8% seven-year first mortgage notes (B3/BB-/) at 95.347 to yield 11 7/8% on Tuesday, according to an informed source.

Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Wells Fargo Securities and Credit Agricole were the joint bookrunners.

Proceeds will be used to repay the $212 million of outstanding mortgage debt on the company's Mason, Ohio, Williamsburg, Va., and Grapevine, Texas, properties and for general corporate purposes.

The issuer is a Madison, Wis., operator of indoor waterpark resorts.

Issuers:	GWR Operating Partnership, LLLP and Great Wolf Finance Corp.
Face amount:	$230 million
Proceeds:	$219,298,000 (approximate)
Maturity:	April 1, 2017
Securities:	First mortgage notes
Bookrunners:	Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Wells Fargo Securities, Credit Agricole
Coupon:	10 7/8%
Price:	95.347
Yield:	11 7/8%
Spread:	856 bps
Call protection:	Four years
Trade date:	March 30
Settlement date:	April 7
Ratings:	Moody's: B3
	Standard & Poor's: BB-
Distribution:	Rule 144A with registration rights
Price talk:	11½% area

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