Hawk Merger Sub Inc., an entity controlled by KSL Capital Partners and Henry Crown&Co., plans to raise $1.36 billion of first-lien debt to fund the acquisition of Intrawest Resorts Holdings Inc. (Intrawest), Squaw Valley Ski Holdings LLC (Squaw), and Mammoth Mountain Ski Area and Snow Summit Ski Co. LLC (Mammoth). It is our understanding that Hawk Merger Sub Inc. will subsequently merge into Intrawest, and the surviving consolidated entity will conduct business as Intrawest. Our current base-case forecast incorporates the acquisition of Intrawest, Squaw, and Mammoth. We anticipate regulatory approval will be obtained to acquire Mammoth. We are affirming our 'B' corporate credit rating on Intrawest. We are also assigning our 'B' issue-level rating to the first-lien debt,
