Great Wolf Resorts plans $225 million of first mortgage notes due 2017

By Angela McDaniels

Tacoma, Wash., March 22 - Great Wolf Resorts, Inc. said it intends to offer $225 million of first mortgage notes due 2017, subject to market conditions.

The proceeds will be used to repay the $212 million of outstanding mortgage debt on the company's Mason, Ohio; Williamsburg, Va.; and Grapevine, Texas, properties and for general corporate purposes, according to a company news release.

The notes will be guaranteed by the subsidiaries that hold these three resorts, and those guarantees will be secured by first-priority mortgages on the resorts and by a first-priority lien on the other assets of the subsidiaries.

The notes will also be guaranteed on a senior unsecured basis by most of the other material subsidiaries of the company that are not obligors on existing mortgage debt.

Great Wolf operates indoor waterpark resorts and is based in Madison, Wis.

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