Intrawest successfully completed an agreement to refinance a $1.7 billion loan which was due on Oct. 23, 2008.
The Company received unanimous support from its existing lender group.
“We are very pleased to have reached an agreement with our lenders, particularly given the challenges of the global credit markets,” said Bill Jensen, chief executive officer at Intrawest. “The support Fortress and our lenders have shown underscores their confidence in Intrawest and will enable us to continue to execute on our long-term strategic plans. Intrawest has great assets, a sound business model and a solid track record. We are preparing for another successful winter season and look forward to providing our resort guests and homeowners with the exceptional level of service they have come to expect from our resort properties.”
Headquartered in Vancouver, B.C., Intrawest owns stakes in ten mountain resorts in North America, including Whistler Blackcomb, a host venue for the 2010 Olympic and Paralympic Winter Games. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest-a private resort club with locations throughout North America.
