ClubCorp Holdings, Inc. Prices and Allocates $250 Million of
ClubCorp Holdings, Inc. Prices and Allocates $250 Million of Incremental Term Loans
DAS, Sept. 15, 2014 - ClubCorp - The World Leader in Private Clubs® (NYSE: MYCC) - prices and allocates $250 million in additional senior secured term loans under its term loan facility. The incremental term loans and existing term loans are priced at L+350 bps, with a 1% LIBOR floor and will mature on July 24, 2020. The existing term loan facility is expected to be amended to permit the incremental term loans, creating one fungible term loan tranche of approximately $900 million. The company anticipates execution of the amendment to its term loan facility and funding of the incremental term loans to be effective on September 30, 2014, simultaneous with the closing of its acquisition of Sequoia Golf.
Note on Forward-Looking Statements
This press release contains statements relating to future results (including certain projections and business trends) that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The Company generally uses the words “may”, “will”, “could”, “expect”, “anticipate”, “believe”, “estimate”, “plan”, “intend”, and similar expressions in this press release and any attachment to identify forward-looking statements. All statements included in this press release, other than statements of historical facts, are forward-looking statements. The expectations expressed in this press release are made in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that (i) management’s expectations and beliefs will result or be achieved or (ii) the Company’s strategy with regard to its credit facility and the acquisition of Sequoia Golf will be successful. Actual results may vary materially from what is expressed in or indicated by the forward-looking statements.
Since its founding in 1957, Dallas-based ClubCorp has operated with the central purpose of Building Relationships and Enriching Lives®. ClubCorp is a leading owner-operator of private golf and country clubs, business, sports, and alumni clubs in North America. ClubCorp owns or operates a portfolio of approximately 160 golf and country clubs, business clubs, sports clubs, and alumni clubs in 26 states, the District of Columbia and two foreign countries that serve over 370,000 members, with approximately 15,000 peak-season employees. ClubCorp Holdings, Inc. is a publicly traded company on the New York Stock Exchange (NYSE: MYCC). ClubCorp properties include: Firestone Country Club (Akron, Ohio); Mission Hills Country Club (Rancho Mirage, California); Capital Club Beijing; and Metropolitan Club Chicago. You can find ClubCorp on Facebook at facebook.com/clubcorp and on Twitter at @ClubCorp.
SOURCE ClubCorp Holdings, Inc.
ClubCorp Holdings, Inc.
Web Site: http://www.clubcorp.com