Tamarack Gets $250 Million Senior Credit Facility
SAM Magazine--June 1, 2006, Donnelly, Idaho--The newest four-season ski area, Tamarack in Idaho, announced the closing of a $250-million senior credit facility arranged by Credit Suisse. The financing allows for reinvestment of the proceeds from real estate sales against a pre-approved business plan for a period of five years, provided that certain covenants are met.
The credit facility nearly triples the resort's borrowing capacity and is enough to complete most of the 2,043 units Tamarack is authorized to develop. The other key to the five-year plan is the build-out of the resort's village.
Credit Suisse raised the $250 million credit facility through a broad syndication to institutional investors.
"It is fair to say that Tamarack is now out of the start-up phase and into the growth phase," says CEO Jean-Pierre Boespflug. "Our partners and our community can start planning accordingly."