Bulletin: Intrawest Resorts Holdings Inc. Ratings Unaffected By $1.5B Acquisition By KSL Capital Partners And Aspen Skiing Co.

NEW YORK (S&P Global Ratings) April 11, 2017--S&P Global Ratings said today that its ratings and outlook on Denver-based mountain resort, adventure, and real estate company Intrawest Resorts Holdings Inc. are unaffected by the company's announcement that it has agreed to be acquired by affiliates of Aspen Skiing Co. L.L.C. and KSL Capital Partners, L.L.C. in an all-cash offer of $23.75 per share, or about $1.5 billion including debt net of cash. While additional financial terms of the transaction have not been disclosed, the ratings are currently unaffected due to our understanding from the buyers and company management that leverage at the pro forma entity will not be more than 6x debt to EBITDA, which is below our current downgrade

...NEW YORK (S&P Global Ratings) April 11, 2017--S&P Global Ratings said today that its ratings and outlook on Denver-based mountain resort, adventure, and real estate company Intrawest Resorts Holdings Inc. are unaffected by the company's announcement that it has agreed to be acquired by affiliates of Aspen Skiing Co. L.L.C. and KSL Capital Partners, L.L.C. in an all-cash offer of $23.75 per share, or about $1.5 billion including debt net of cash. While additional financial terms of the transaction have not been disclosed, the ratings are currently unaffected due to our understanding from the buyers and company management that leverage at the pro forma entity will not be more than 6x debt to EBITDA, which is below our current downgrade threshold of the mid-7x area. It is also our understanding that the pro forma capital structure and the 6x maximum leverage tolerance will not include any preferred stock, which we could view as a debt-like obligation and include in our measures of adjusted...

Bulletin