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News Breaks
January 31, 2014
09:33 EDTSNOWIntrawest Resorts indicated to open $10.50-$11.50
Intrawest Resorts (SNOW) priced 15.625M shares at $12.00. Goldman, Credit Suisse, Deutsche Bank and BofA/Merrill acted as joint book running managers for the offering.
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September 12, 2014
08:31 EDTSNOWIntrawest Resorts acquires remaining 50% of Blue Mountain Ski Resort for C$58M
Intrawest Resorts Holdings announced that it has negotiated and entered into a definitive agreement to acquire the 50% interest in Blue Mountain Ski Resort that it does not already own from Blue Mountain Resorts Holdings Inc. for C$58M. The purchase price was based on a C$5M partial payment for growth capital expenditures related to a recently completed conference center and approximately seven times fiscal 2014 EBITDA, excluding any potential synergies. The company will finance this acquisition through incremental term loan proceeds and existing cash. The transaction is expected to close by the end of September 2014. Intrawest acquired a 50% interest in Blue in 1999 and since that time the resort has been operated as a joint venture between the company and Blue Mountain Resorts Holdings Inc. Intrawest does not currently anticipate making significant changes to the operations or resort personnel. Bank of America Merrill Lynch has committed to provide debt financing to support the transaction and Blake, Cassels & Graydon LLP provided legal counsel to the Company.
06:25 EDTSNOWIntrawest Resorts reports FY14 Skier Visits up 7.9%
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06:24 EDTSNOWIntrawest Resorts agrees to acquire remaining 50% in Blue Mountain Ski Resort
The company signed a definitive agreement, to acquire the remaining 50% equity interest in Blue Mountain Ski Resort for C$58M, which includes a C$5M partial payment for growth capital expenditures related to a recently completed conference center and C$53M for approximately seven times fiscal 2014 EBITDA, excluding any potential synergies. As a non-controlling owner, Intrawest has received minimal cash distributions from Blue in the past, and the company expects that the acquisition will result in annual incremental levered free cash flow of between $6M-$8M to Intrawest. The company will finance this acquisition through incremental term loan proceeds and existing cash. The transaction is expected to close by the end of September 2014.
06:23 EDTSNOWIntrawest Resorts sees FY15 revenue $570M-$595M, consensus $538.74M
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06:22 EDTSNOWIntrawest Resorts reports Q4 EPS ($1.21), consensus ($1.17)
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