Fortress Investment Group has priced Whistler Blackcomb’s initial public offering of 25,000,000 common shares at CAD12.00 per share.
The offering will generate total gross proceeds of CAD300m.
Proceeds of the offering will be used to facilitate the acquisition of a 75 per cent interest in the partnerships that own the Whistler Blackcomb resort in British Columbia from Intrawest ULC.
The closing of the offering is scheduled for 9 November, subject to customary closing conditions.
The Toronto Stock Exchange has conditionally approved the listing under the symbol WB.
Following completion of the offering, Intrawest ULC, an entity primarily owned by certain private equity funds managed by an affiliate of Fortress Investment Group, will hold approximately 34 per cent of the common shares of Whistler Blackcomb.
The underwriters have also been granted an over-allotment option to purchase up to an additional 3,750,000 common shares from Intrawest ULC, which option is exercisable for a period of 30 days. Whistler Blackcomb will not receive any proceeds from the sale of these additional shares.
