Intrawest $225 million add-on to 7½% notes, new C$130 million five-year notes to price Wednesday

By Paul A. Harris

St. Louis, Sept. 21 - Intrawest Corp. plans to price a two-part $325 million equivalent offering of notes (B+) on Wednesday, according to market sources.

Deutsche Bank Securities and Scotia Capital are running the books for the Rule 144A/Regulation S offerings.

Included will be a $225 million add-on to the company's 7½% senior notes due Oct. 15, 2013. Price talk is 102 to 102.5.

The company priced $350 million of those notes in October 2003. They are callable after Oct. 15, 2008 at 103.75, with the call declining annually from that date to 102.50, 101.25, and to par on Oct. 15, 2011. The notes also contain an equity clawback until Oct. 15, 2006 for 35% at 107.50.

In addition to the add-on, Intrawest is offering C$130 million of five-year senior notes, which are non-callable for life. Price talk is in the 6 7/8% area.

Proceeds will be used to fund the tender for $394.16 million of the company's 10½% senior notes due 2010.

The Vancouver, B.C.-based company is a developer and operator of village-centered resorts.

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