April 20, 2010

Great Wolf Resorts Closes Offering of $230 Million

On April 7, Paul, Weiss client Great Wolf Resorts, Inc. announced that its subsidiaries, GWR Operating Partnership, L.L.L.P. and Great Wolf Finance Corp., closed their offering of $230 million aggregate principal amount of 10.75% First Mortgage Notes due 2017. The offering was made pursuant to an exemption from registration under the Securities Act of 1933 pursuant to Rule 144A and Regulation S. Deutsche Bank Securities, Bank of America Merrill Lynch, Wells Fargo Securities and Credit Agricole CIB were the initial purchasers. The notes were guaranteed by certain of Great Wolf's subsidiaries and secured by first priority mortgages on Great Wolf's resorts in Grapevine, Texas; Mason, Ohio and Williamsburg, Virginia; and other assets of the subsidiaries holding those resorts. The proceeds from the offering were used to refinance the existing mortgages on those resorts. The Paul Weiss team representing Great Wolf Resorts included corporate partners Lawrence Wee and Thomas de la Bastide, and associates Stanislav Grigoryev, Seth Horwitz, Rachel Katz, Aun Singapore, Alex Tolston and Ruthie Wahl; real estate partner Mitchell Berg and associates Brandilyn Dumas and Andrew Wurzburger; tax partners David Mayo and Jeffrey Samuels, and associate Colin Kelly; environmental counsel William O'Brien; employee benefits partner Lawrence Witdorchic and associate Paul Koppel; intellectual property partner Charles Googe and associate Adam Shevell; and paralegals Michael Cook and Richard Scudder.