Bulletin: Intrawest Resorts Holdings Inc. Amendment To Credit Facility Does Not Affect Ratings

NEW YORK (Standard&Poor's) March 30, 2016--Standard&Poor's Ratings Services said today that Intrawest Resorts Holdings Inc.'s (B/Stable/--) proposal to amend the financial covenant, restricted payments, and mandatory prepayment terms in its credit facility, and to prepay $25 million of outstanding term loans using cash balances, has no impact on our 'B+' issue-level rating and '2' recovery rating on subsidiary borrower Intrawest Operations Group LLC's $600 million first lien term loan due 2020 and $55 million letter of credit facility due 2018. The 'B' corporate credit rating on parent Intrawest Resorts Holdings Inc. is also unchanged. Although the $25 million term loan prepayment modestly improves recovery prospects for first lien lenders, the recovery rating remains '2', reflecting our

...NEW YORK (Standard & Poor's) March 30, 2016--Standard & Poor's Ratings Services said today that Intrawest Resorts Holdings Inc.'s (B/Stable/--) proposal to amend the financial covenant, restricted payments, and mandatory prepayment terms in its credit facility, and to prepay $25 million of outstanding term loans using cash balances, has no impact on our 'B+' issue-level rating and '2' recovery rating on subsidiary borrower Intrawest Operations Group LLC's $600 million first lien term loan due 2020 and $55 million letter of credit facility due 2018. The 'B' corporate credit rating on parent Intrawest Resorts Holdings Inc. is also unchanged. Although the $25 million term loan prepayment modestly improves recovery prospects for first lien lenders, the recovery rating remains '2', reflecting our expectation for substantial (70% to 90%; higher part of the range) recovery for lenders in the event of a payment default. Proposed amendments would allow added flexibility to make increased distributions...

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