Intrawest to launch $555 million term loan B repricing on Tuesday

By Sara Rosenberg

New York, Sept. 30 – Intrawest Operations Group LLC is scheduled to hold a lender call at 11 a.m. ET on Tuesday to launch a repricing of its roughly $555 million covenant-light term loan B due December 2020, according to a market source.

Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the bookrunners on the deal.

The repriced term loan is talked with a 1% Libor floor and a par issue price. Spread talk is not yet available.

Also, the repriced loan will get 101 soft call protection for six months, the source said.

Current pricing on the term loan B is Libor plus 400 basis points with a 1% Libor floor, and the debt is prepayable at par.

Existing lender commitments/cashless roll deadline is noon ET on Oct. 7 and non-existing lender commitments are due on Oct. 11, the source added.

Intrawest is a Denver-based mountain resort, adventure and real estate company.

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