Whistler Blackcomb refinances with C$300 million five-year revolver

By Susanna Moon

Chicago, Nov. 13 - Whistler Blackcomb Holdings Inc. said it closed a C$300 million five-year senior secured revolving credit facility with a syndicate of nine Canadian and U.S. banks.

The facility was used to refinance the long-term debt of Whistler Mountain Resort LP and Blackcomb Skiing Enterprises LP, according to a company press release.

Interest on the loans will be one-month bankers' acceptance rate plus 250 basis points for first six months. The spread will range from BA rate plus 175 bps to 300 bps, based on leverage.

The new rate compares to the partnership's effective interest rate of 6.7% prior to the refinancing, the company noted.

The facility replaces the company's existing C$261 million senior secured term and second-lien debt, along with its unused C$15 million senior secured revolving credit facility.

Proceeds of C$135 million were used to repay the partnerships' senior secured term facility, and proceeds of C$126 million were used to repay the partnerships' 8¾% second-lien senior notes.

At closing, there was C$39 million of availability under the new facility.

The new facility is fully committed and includes additional availability of up to C$75 million.

The company is a Whistler, B.C.-based company that owns a 75% interest in each of Whistler Mountain Resort and Blackcomb Skiing Enterprises.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.