American Skiing $230 million credit facility to launch Wednesday

By Sara Rosenberg

New York, Sept. 20 - American Skiing Co. is scheduled to hold a bank meeting Wednesday to launch its proposed $230 million senior secured credit facility, according to a market source.

Credit Suisse First Boston and GE Capital are joint lead arrangers on the deal, with CSFB listed on the left.

The facility consists of a $40 million revolving credit facility, a $75 million term loan and a $115 million second-lien term loan, the source said. Price talk is not yet available.

Proceeds will be used to refinance the existing senior credit facility and senior subordinated notes due 2006.

"Improved operating performance and the strengthening of the company's balance sheet following recent restructuring efforts" prompted the company to refinance the facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

American Skiing is a Park City, Utah, operator of alpine ski and snowboard resorts.

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