L-R: Larry Pierce, Steamboat; Sarah Wieck, Winter Park
Intrawest Resorts Holdings, Inc., the operators of Winter Park Resort, Steamboat Ski Resort, and five other North American ski resorts announced the pricing of its initial public offering of 15,625,000 shares of its common stock at $12.00 per share. The Company priced 3,125,000 shares of its common stock and an entity controlled by certain private equity funds managed by an affiliate of Fortress Investment Group LLC priced an additional 12,500,000 shares of the Companys common stock.
The selling stockholder has granted the underwriters a 30-day option to purchase up to an additional 2,343,750 shares of common stock. The shares are expected to begin trading on the New York Stock Exchange under the symbol SNOW on January 31, 2014. The offering is expected to close on or about February 5, 2014 subject to the satisfaction of customary closing conditions.
The net proceeds received by the Company from the offering are expected to be approximately $35.1 million after deducting underwriting discounts and commissions and before deducting estimated offering expenses.
The Company has no specific plans for the net proceeds received by the Company from the offering and intends to use such proceeds for working capital and other general corporate purposes, which may include potential investments in, and acquisitions of, ski and adventure travel businesses and assets. The Company will not receive any proceeds from the sale of common stock by the selling stockholder.
Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and BofA Merrill Lynch are acting as joint book-running managers and representatives of the underwriters in the offering. JMP Securities LLC, KeyBanc Capital Markets and Stephens Inc. are acting as co-managers in the offering. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering can be obtained from:
Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
Phone: (866) 471-2526
Prospectus-ny@ny.email.gs.comCredit Suisse Securities (USA) LLC
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010
Phone: (800) 221-1037
newyork.prospectus@credit-suisse.com
Deutsche Bank Securities Inc.
Attn: Prospectus Department
60 Wall Street
New York, NY 10005
Phone: (800) 503-4611
prospectus.cpdg@db.comBofA Merrill Lynch
Attn: Prospectus Department
222 Broadway
New York, NY 10038
dg.prospectus_requests@baml.com
The registration statement relating to these securities was declared effective by the Securities and Exchange Commission on January 30, 2014. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Intrawest Resorts Holdings, Inc. Intrawest is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers for over three decades. The Company owns interests in seven four-season mountain resorts with more than 11,000 skiable acres and more than 1,150 acres of land available for real estate development. Intrawests mountain resorts are geographically diversified across North Americas major ski regions, including the Eastern United States, the Rocky Mountains, the Pacific Southwest and Canada. The Company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, the leading heli-skiing adventure company in North America. Additionally, the Company operates a comprehensive real estate business through which it manages, markets and sells vacation club properties; manages condominium hotel properties; and sells and markets residential real estate.
