Intrawest announced this afternoon that the company has received unanimous approval from its existing lender group to refinance its $1.7 billion loan.
The loan, which was due today, has been the subject of speculation for the last week. On Wednesday some financial analysts were reporting that one of Intrawest’s lenders was opposed to refinancing.
“We are very pleased to have reached an agreement with our lenders, particularly given the challenges of the global credit market,” Intrawest CEO Bill Jensen said in a release.
Intrawest, parent company of Whistler-Blackcomb and 10 other resorts, was acquired by Fortress Investments Group in 2006. Fortress, a New York-based private equity group, paid $1.8 billion for Intrawest, acquiring nearly $1 billion of debt as well as resorts and real estate.
“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 guest and homeowners with the exceptional level of service they have come to expect from our resort properties.”
