Whistler IPO priced at C$12/sare, raises $300 million

NEW YORK (BestGrowthStock) – Canadian ski resort operator Whistler Blackcomb Holdings, which hosted some 2010 Winter Olympics events, priced its initial public offering at C$12 per share, below what it had previously planned.

Whistler Blackcomb, a two-mountain ski resort in British Columbia, raised C$300 million. The proceeds will be used to buy a 75 percent stake in the companies that own the resort from Intrawest ULC, a company owned by funds managed by a unit of private equity fund Fortress Investment Group LLC (FIG.N: ) .

Whistler Blackcomb was formed to complete the IPO.

Originally, the resort operator had planned to sell shares at between C$14 and C$15 with a yield of 6.5 percent to 7 percent. But last week, a source told Reuters that Whistler Blackcomb scaled back the pricing, and would try to sell shares for between $12.50 and $13, with an indicated yield of 7.5 percent to 7.8 percent.

The closing of the IPO is set for November 9, and the company’s shares are expected to trade on the Toronto Stock Exchange under the symbol “WB.”

Fortress will still own about 34 percent of Whistler Blackcomb’s shares after the IPO, Fortress said in a statement.

The IPO’s underwriters have the option for 30 days to purchase another 3.75 million shares. The company would not get any proceeds from the sale of those shares.

(Reporting by Phil Wahba; Editing by Bernard Orr)

Whistler IPO priced at C$12/sare, raises $300 million