Press Release: Intrawest Corporation
March 1, 2001
VANCOUVER, BC -- Intrawest Corporation yesterday announced that it has agreed to sell, on a private placement basis
in the United States under Rule 144A and in certain Canadian provinces, US $125 million aggregate principal amount
of 10.5% senior notes due February 1, 2010. The net proceeds will amount to approximately US$128.2 million. The
notes are being sold at a price of 104.315% of their principal amount (with effective yield to maturity of approximately
9.625%) and will be consolidated with and form a single series of securities with the US$135 million aggregate
principal amount of notes bearing the same terms originally issued by the Company in January 2000. The closing
of the offering is expected to take place on March 9, 2001.
The company intends to use the net proceeds from the sale of the notes to reduce bank indebtedness.
The notes have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered
or sold in the United States absent registration or an applicable exemption from the registration requirements
under the U.S. Securities Act.
The statements which are not historical facts contained in this release are forward-looking statements that involve
risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by
such forward-looking statements. Factors that could cause or contribute to such differences include, but are not
limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and
other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S.
Securities and Exchange Commission.
SOURCE: Intrawest Corporation