The reference security for the 2010 Notes is the 7 1/2% U.S. Treasury Note due February 15, 2005 (the "Reference Security") and the purchase price has been based upon a spread of 50 points over the yield to maturity as of today''s date on the Reference Security. The total consideration per $1,000 principal amount of 2010 Notes validly tendered in the Offer prior to 5:00 p.m., New York time, on September 28, 2004 (the "Consent Date") is $1,076.03, of which $10.00 is a consent payment. Holders who have tendered or will tender their 2010 Notes after the Consent Date but on or prior to the Expiration Date (as defined below) will receive consideration of $1,066.03 per $1,000 principal amount of 2010 Notes validly tendered.
The Offer, as described in Intrawest''s Offer to Purchase and Consent Solicitation dated September 15, 2004 and related Letter of Transmittal (the "Offer Documents"), expires at midnight, New York time, on October 13, 2004 (the "Expiration Date") unless it is extended or terminated earlier. Payment for 2010 Notes tendered on or prior to the Expiration Date and accepted for payment will be made on the second business day immediately following the Expiration Date. Tendering holders of the 2010 Notes will also receive accrued and unpaid interest up to, but not including, the payment date.
This announcement is not an offer to purchase, nor a solicitation of an offer to purchase the 2010 Notes. The conditions to the Offer continue to be as set out in the Offer Documents. The Offer Documents should be read carefully before any decision is made with respect to the Offer.
Intrawest Corporation is the world''s leading operator and developer of village-centered resorts. Intrawest owns or controls 10 mountain resorts in North America''s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. Intrawest is developing five additional resort villages at locations in North America and Europe. The company has a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit http://www.intrawest.com/.
Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest''s actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest''s ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company''s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
For additional information, please contact Mr. John Currie, chief financial officer, at (604) 669-9777 or Mr. Tim McNulty, director, investor relations, at (604) 623-6620 or at email@example.com
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