By Paul A. Harris
St. Louis, Mo., Sept. 13 - Intrawest Corp. upsized to $137 million from $125 million its add-on to its 10½% senior notes due Feb. 1, 2010 (B1/B+), according to a syndicate source.
The deal priced Friday at 102.014 to yield 10%, 50 basis points lower than the coupon on the existing bonds. Price talk was for a yield of 9 7/8%-10%.
The bookrunner was Deutsche Bank Securities Inc. Scotia Capital was the co-lead. The co-managers were Goldman Sachs & Co., CIBC World Markets, Credit Lyonnais and TD Securities.
Proceeds from the Rule 144A deal will be used to repay the company's C$125 million of 6.85% debentures due Dec. 2, 2002 and to reduce bank debt.
The original $135 million offering priced on Jan 11, 2000. A $125 million add-on priced Feb. 28, 2001.
The issuer is a Vancouver, B.C. developer and operator of village-centered resorts across North America.
Issuer: Intrawest Corp.
| Amount: | $137 million (increased from $125 million)
|
| Type: | Add-on to its 10 ½% senior notes due Feb. 1, 2010
|
| Bookrunner: | Deutsche Bank Securities
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| Price: | 102.014
|
| Yield to worst: | 10%
|
| Price talk: | 9 7/8%-10%
|
| Spread: | 694 basis points
|
| Call features: | Callable on Feb. 1, 2005 at 105.25, then 103.50, 101.75, declining to par on Feb. 1, 2008 and thereafter
|
| Settlement date: | Sept. 18 with accrued interest
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| Ratings: | Moody's: B1
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| Standard & Poor's: B+
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| Rule 144A CUSIP: | 460915AM3
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