Davis Polk advised the joint lead arrangers and bookrunners for a $1.56 billion financing provided to an affiliate of KSL Capital Partners, LLC and its joint venture partner Henry Crown and Company in connection with (i) the acquisition of Intrawest Resorts Holdings, Inc., (ii) the contemporaneous acquisition of Mammoth (consisting of MMSA Holdings, Inc., Eagle Lodge Mammoth, LLC, Mammoth Main Lodge Redevelopment, LLC. and Mammoth SS Owner, Inc.) and (iii) the acquisition (via contribution by KSL) of Squaw Valley Ski Holdings, LLC. The financing consisted of a $1.36 billion senior secured term facility and a $200 million senior secured revolving facility.

Intrawest is a North American mountain resort and adventure company that owns or operates six mountain resorts with approximately 8,000 skiable acres across North America’s major ski regions. Intrawest also operates an adventure travel business, including Canadian Mountain Holidays, a heli-skiing adventure company. Mammoth is a four-season mountain resort operator in California and also owns and operates a variety of recreation, hospitality, real estate development, food and beverage and retail enterprises. Squaw Valley Holdings owns the Squaw Valley/Alpine Meadows resort in California.

KSL Capital Partners, LLC is a U.S. private equity firm dedicated to investments in travel and leisure businesses.

The Davis Polk finance team included partner Jinsoo H. Kim, counsel Benjamin Cheng and associates Michael Fan and Alexander W. Simmonds. Counsel Susan D. Kennedy and associate Rachel Goodwin provided real estate advice. All members of the Davis Polk team were based in the New York office.

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