Great Wolf Resorts, Inc. Extends Consent Solicitation For 10.875% First Mortgage Notes Due 2017 And Amends Certain Terms
Great Wolf Resorts, Inc. (NASDAQ: WOLF) (“ Great Wolf”) announced today that it has further extended the expiration date of its previously announced consent solicitation (the “ Consent Solicitation”) with respect to the 10.875% First Mortgage Notes due 2017 (the “ Notes”) issued by its wholly-owned subsidiaries GWR Operating Partnership, L.L.L.P. and Great Wolf Finance Corp. (together, the “ Issuers”), seeking the consent of at least a majority of the aggregate principal amount of all outstanding Notes to (i) waive the obligation to make a “Change of Control Offer” under the indenture relating to the Notes (the “ Indenture”) by amending the Indenture to exclude certain permitted holders, including affiliates of Apollo Global Management LLC, (“ Apollo”) from the definition of “Change of Control” (the “ Proposed COC Amendments”) and (ii) modify certain restrictive covenants in the Indenture (the “ Proposed Covenant Amendments”), in each case, subject to the terms and conditions described in the Consent Solicitation Statement, dated March 13, 2012 (as may be amended or supplemented from time to time) and the accompanying Consent Letter.
The Consent Solicitation was previously scheduled to expire at 5:00 p.m., New York City time, on March 30, 2012. The Issuers have extended the deadline for the Consent Solicitation to 5:00 p.m., New York City time, on Thursday, April 5, 2012, unless further extended.
In addition, the Issuers are amending the terms of the Consent Solicitation pursuant to a supplement to the Consent Solicitation Statement, dated April 2, 2012 (“ Supplement No. 1”), as follows:
- To amend the definition of the Proposed COC Amendments so that certain permitted holders, including affiliates of Apollo, are no longer excluded from the definition of “Change of Control”; and
- To amend the definition of the Proposed COC Amendments to only waive the obligation to make a Change of Control Offer under the Indenture with respect to (a) the transactions contemplated by the merger agreement dated as of March 12, 2012 and (b) thereafter, any direct or indirect changes to the internal organization or management structure of Apollo or Apollo Management Holdings GP, LLC or their related investment funds, alternative investment vehicles and managers.
Copies of Supplement No. 1 have been distributed to eligible holders of Notes. Except as set forth herein and in Supplement No. 1, the complete terms and conditions of the Consent Solicitation remain the same as set forth in the Consent Solicitation Statement, dated March 13, 2012 (as may be amended or supplemented from time to time), and the accompanying Consent Letter, copies of which were also previously distributed to eligible holders of Notes.
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