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American Skiing obtains new $91.5 million credit facility
By Sara Rosenberg
New York, Feb. 21 - American Skiing Co. obtained a new $91.5 million senior secured credit facility. The facility was led by GE Structured Finance, with additional financing provided by CapitalSource LLC.
The facility consists of a $40 million revolver and a $31.5 million term loan provided by GESF, with both tranches maturing April 15, 2006. CapitalSource provided the company with a $20 million term loan that matures on June 15, 2006.
The interest rate of the GESF tranches is Prime plus 325 basis points and the interest rate on the CapitalSource tranche is Prime plus 500 basis points with a minimum of 12¼%, according to a company spokesman.
Security for the loan is substantially all of the assets of the company and its subsidiaries, except the assets of the company's real estate subsidiaries.
The new loan was used to refinance the company's $84.3 million resort senior secured credit facility.
"We are pleased to have completed this transaction with GESF and CapitalSource," said B.J. Fair, chief executive officer, in a news release. "The new facility not only reduces our amortization requirements, but also provides additional operational flexibility and a vehicle to take advantage of growth opportunities. This is a major step forward in the restructuring of the company."
American Skiing is a Park City, Utah operator of alpine ski, snowboard and golf resorts.
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