WHISTLER, B.C. — An initial public offering for shares in North America’s largest ski resort, Whistler Blackcomb in Whistler, B.C., is expected to raise $300 million with shares valued between $14 and $15, according to a summary of the offering sent to Scotia iTrade customers last Friday.
The offering is expected to close in November. The IPO by Whistler Blackcomb Holdings Inc. is expected to raise $300 million, which will be used to pay down some of the money owed to Intrawest ULC, a wholly owned subsidiary of Fortress Investment Group LLC, New York, the current owner of Whistler Blackcomb. After the offering, Intrawest expects to continue to own up to 45 per cent of the new company.
Fortress purchased Intrawest in 2006 for US$2.8 billion, including US$950 million in debt. Fortress estimated Intrawest lost $6.2 million in revenue as people stayed away from Whistler-Blackcomb leading up to and during the February 2010 Winter Olympics.