Alterra Mountain increases term loan amount to $2.03 billion

By Sara Rosenberg

New York, July 30 – Alterra Mountain Co. upsized its term loan B due 2028 (B2/B) to $2.031 billion from $1.848 billion, according to a market source.

Pricing on the term loan is Libor plus 350 basis points with a 0.5% Libor floor and an original issue discount of 99.5.

The term loan has 101 soft call protection for six months.

Proceeds will be used to reprice, extend and combine into one tranche an existing term loan B due 2024 and an existing term loan B-2 due 2026. The 2024 term loan B is currently sized at roughly $1.705 billion and the 2026 term loan B-2 is currently sized at $643 million.

Earlier in syndication, pricing on the term loan firmed at the high end of the Libor plus 325 bps to 350 bps talk, the 12-month sunset was removed from MFN and Serta language was fixed.

Also, the company removed the restriction for a $500 million leave behind of the 2024 term loan B, which is why the 2028 term loan was upsized. When the restriction removal was announced, the expectation was that the 2024 term loan would have $200 million to $300 million outstanding.

JPMorgan Chase Bank is the left lead on the deal.

Alterra is a Denver-based mountain resort and adventure company.

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