Intrawest completes new loan and repays prior lenders in full | SummitDaily.com
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Intrawest completes new loan and repays prior lenders in full

JULIE SUTOR
summit daily news

Ski-resort operator Intrawest announced Tuesday that it completed the refinancing of its corporate debt, which was due in December 2009. The company repaid its prior lenders in full and has completed a new loan, which is scheduled to mature in 2014. Terms of the new loan were not disclosed.

Intrawest sold Copper Mountain to Powdr Corp in December 2009 for $107 million as part of a plan to reduce its debts. Bloomberg News reported in December that Intrawest was struggling to make a $524 million payment on a $1.4 billion loan.

Intrawest is a Canada-based company focused on development and management of destination resorts. The company has a network of resorts in popular North American vacation spots, including 2010 Winter Olympic Games venue Whistler Blackcomb and Canadian Mountain Holidays, a large heli-skiing operation. Intrawest is headquartered in Vancouver, British Columbia and is owned by private equity firm Fortess Investment Group, LLC.


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