On November 9, 2010, Whistler Blackcomb Holdings Inc. completed its $300 million initial public offering and concurrent reorganization.

Concurrent with the closing, the Whistler Mountain Resort Limited Partnership and Blackcomb Skiing Enterprises Limited Partnership (together the "Partnerships") entered into new credit facilities, including a second lien facility with an affiliate of a Canadian institutional investor. This facility provides for the issuance and sale by the Partnerships of second lien senior secured notes with aggregate gross proceeds of $126 million repayable in full six years less a day from closing. Proceeds from the sale of the notes will be used to repay indebtedness of the Partnerships, including the acquisition notes payable to Whistler Blackcomb Holdings and to fund other distributions.

The Canadian institutional investor was advised in this transaction by Fasken Martineau with a team that included Jon Holmstrom, Ian Cassie, Don Dalik, Aaron Stefan, David Martin and KC Miu.