By Paul A. Harris
St. Louis, Sept. 22 - Intrawest Corp. priced two issues of notes (B1/B+) on Wednesday, according to an informed source.
The company priced a $225 million add-on to its 7½% senior notes due Oct. 15, 2013 at 102.5.
The resulting yield to worst is 7.042% and the yield to maturity is 7.119%. The sale generated $230.625 million of proceeds. Price talk was 102 to 102.5.
Deutsche Bank Securities ran the books for the Rule 144A/Regulation S issue.
The original $350 million issue priced on Oct. 1, 2003.
The company also priced a slightly downsized C$125 million of five-year senior notes at par to yield 6 7/8%.
Price talk was the 6 7/8% area.
Deutsche Bank Securities and Scotia Capital were joint bookrunners for the Canadian dollar tranche.
The issue was decreased from C$130 million.
Proceeds from the sale will be used to fund the tender for $394.16 million of the company's 10½% senior notes due 2010.
The company is a Vancouver, B.C.-based developer and operator of village-centered resorts.
| Issuer: | Intrawest Corp.
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
|
|
| U.S. dollar denominated issue
|
| Face amount: | $225 million
|
| Proceeds: | $230.625 million
|
| Maturity: | Oct. 15, 2013
|
| Security description: | Add-on to 7½% senior notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Coupon: | 7½%
|
| Price: | 102.5
|
| Yield to worst: | 7.042%
|
| Yield to maturity: | 7.119%
|
| Spread to worst: | 317 basis points
|
| Call features: | Callable after Oct. 15, 2008 at 103.75, 102.50, 101.25, par on Oct. 15, 2011 and thereafter
|
| Equity clawback: | Until Oct. 15, 2006 for 35% at 107.50
|
| Trade date: | Sept. 22
|
| Settlement date: | Oct. 6, 2004 with accrued interest
|
| Price talk: | 102-102.5
|
|
|
| Canadian dollar denominated issue
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| Amount: | C$125 million (decreased from C$130 million)
|
| Maturity: | Oct. 15, 2009
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| Security description: | Senior notes
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| Bookrunners: | Deutsche Bank Securities, Scotia Capital (joint)
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 292 basis points
|
| Call protection: | Non-callable for the life of the bond
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| Equity clawback: | Until Oct. 15, 2007 for 35% at 106.875
|
| Trade date: | Sept. 22
|
| Settlement date: | Oct. 6
|
| Price talk: | 6 7/8% area
|
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