Great Wolf Issues $28.1mil of Trust Preferred Securities
JUNE 18, 2007. Great Wolf Resorts, Inc. (NASDAQ: WOLF), North America's leading family of indoor waterpark resorts, today announced the issuance of $28,125,000 of trust preferred securities (TPS) by Great Wolf Capital Trust III, a Delaware statutory trust which is a subsidiary of Great Wolf Resorts. The TPS were issued today to a collateralized debt obligation pool vehicle in a private placement. The TPS may not be offered or sold in the United States absent registration under the Securities Act of 1933, as amended, or an applicable exemption therefrom. The TPS have a maturity of 10 years, with interest fixed at 7.90% for the first five years, and are callable after five years with no prepayment penalty. The net proceeds from the TPS transaction are expected to be used for development of future resorts.
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