Intrawest Prices Public Offering
SAM Magazine--Denver, Colo., January 31, 2014-- Intrawest Resorts Holdings, Inc., which counts Winter Park, Stratton, Steamboat, Mont Tremblant, Blue Mountain and Snowshoe among its holdings, announced the pricing of its initial public offering of 15,625,000 shares of its common stock at $12 per share yesterday. 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 Company’s 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 began trading on the New York Stock Exchange under the symbol “SNOW” today. The offering is expected to close on or about February 5, 2014 subject to the satisfaction of customary closing conditions. According to the Bloomberg News, Intrawest raised about $188 million after pricing shares below the marketed range, which was originally projected at $15 to $17 per share.
According to Intrawest's release yesterday, 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 are 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.
Company 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.