...NEW YORK (S&P Global Ratings) Sept. 11, 2017-- S&P Global Ratings said today that its 'B' issue-level rating and '3' recovery rating on Denver-based Intrawest Resorts Holdings Inc.'s first-lien term loan due 2024 and revolver due 2022 are unchanged by proposed upsizes to partly finance the company's acquisition of Deer Valley Resort. This is because additional value from the Deer Valley acquisition offsets the proposed incremental debt and recovery prospects for lenders are not impaired. The first-lien term loan will be upsized by $200 million to a total of $1.56 billion, and the revolver commitment will be upsized by $25 million to a total of $225 million. The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. We view the Deer Valley acquisition favorably because it expands Intrawest's scale and geographic diversity and enables the company's entry into the desirable Park City resort market,...
