Market Overview

Intrawest Resorts Holdings Announces Commencement of IPO; Expected to Price Between $15 and $17 per Share


Intrawest Resorts Holdings, Inc. today announced that it has commenced its initial public offering of 15,625,000 shares of its common stock. The Company is offering 3,125,000 shares of its common stock and an entity controlled by certain private equity funds managed by an affiliate of Fortress Investment Group LLC is offering an additional 12,500,000 shares of the Company's common stock. The selling stockholder also expects to grant the underwriters an option to purchase up to an additional 2,343,750 shares of common stock. The initial public offering price is currently expected to be between $15.00 and $17.00 per share. The Company has applied to list its common stock on the New York Stock Exchange under the symbol "SNOW."

The Company has no specific plans for the net proceeds received by the Company from the offering and intends to use such proceeds for working capital and other general corporate purposes, which may include potential investments in, and acquisitions of, ski and adventure travel businesses and assets. The Company will not receive any proceeds from the sale of common stock by the selling stockholder.

Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities and BofA Merrill Lynch are acting as joint book-running managers and representatives of the underwriters in the offering. JMP Securities, KeyBanc Capital Markets and Stephens Inc. are acting as co-managers in the offering. The offering is being made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering can be obtained from:

Goldman Sachs & Co.

Attn: Prospectus Department

200 West Street

New York, NY 10282

Phone: (866) 471-2526 Credit Suisse Securities (USA) LLC

Attn: Prospectus Department

One Madison Avenue

New York, NY 10010

Phone: (800) 221-1037 Deutsche Bank Securities

Attn: Prospectus Department

60 Wall Street

New York, NY 10005

Phone: (800) 503-4611 BofA Merrill Lynch

Attn: Prospectus Department.

222 Broadway

New York, NY 10038

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Intrawest Resorts Holdings, Inc.

Intrawest is a North American mountain resort and adventure company, delivering distinctive vacation and travel experiences to its customers for over three decades. The Company owns interests in seven four-season mountain resorts with more than 11,000 skiable acres and more than 1,150 acres of land available for real estate development. Intrawest's mountain resorts are geographically diversified across North America's major ski regions, including the Eastern United States, the Rocky Mountains, the Pacific Southwest and Canada. The Company also operates an adventure travel business, the cornerstone of which is Canadian Mountain Holidays, the leading heli-skiing adventure company in North America. Additionally, the Company operates a comprehensive real estate business through which it manages, markets and sells vacation club properties; manages condominium hotel properties; and sells and markets residential real estate.

Forward-Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward looking statements include statements regarding the Company's ability to consummate the offering, the size of the offering, the offering price per share and the Company's use of the net proceeds of the offering. Forward looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. Except as required by applicable law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances. Investors are referred to the Company's registration statement on Form S-1.

Posted-In: News IPOs


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