Intrawest announces tender offer and consent solicitation for Senior Notes. www.intrawest.com Listed: NYSE TSE Symbols: IDR (NYSE) ITW (TSE) (common) ITW1N (preferred) VANCOUVER, Sept. 15 /PRNewswire-FirstCall/ -- Intrawest Corporation (IDR:NYSE; ITW:TSX) announced today that it has commenced a tender offer to purchase for cash all $394.16 million principal amount of its outstanding 10.50% Senior Notes due February 1, 2010 (CUSIP No. 460915 AN1) (the "2010 Notes"). In connection with the offer, Intrawest is also seeking the consent of the holders of the 2010 Notes to certain amendments to the indenture governing the 2010 Notes that would eliminate substantially all of the restrictive covenants contained in the indenture. The total consideration to be paid for each validly tendered 2010 Note and properly delivered consent will be based upon a fixed spread of 50 points over the yield to maturity on the Price Determination Date (as defined below) of the 71/2% U.S. Treasury Note due February 15, 2005, and includes a consent payment of $10.00 per $1,000 principal amount of the 2010 Notes to holders who tender their 2010 Notes and deliver their consent on or prior to 5:00 p.m., New York City time on September 28, 2004 (the "Consent Date"). Holders of validly tendered 2010 Notes will also be entitled to receive accrued and unpaid interest, up to but not including, the payment date. The tender offer will expire at midnight, New York City time, on October 13, 2004 (the "Expiration Date") unless it is extended or terminated earlier. The consent solicitation will expire on the Consent Date, unless extended. Payment for 2010 Notes tendered on or prior to the Expiration Date will be made on the next business day following the Expiration Date. Tendered Notes may not be withdrawn and consents may not be revoked subsequent to the Consent Date. The yield to maturity of each reference U.S. Treasury Note used in the fixed spread formula will be set at 2:00 p.m., New York City time, on the second business day prior to the Expiration Date (the "Price Determination Date"). The tender offer is conditioned upon, among other things, the receipt of the requisite consents to adopt such proposed amendments, and Intrawest having available funds sufficient to pay the aggregate consideration for the 2010 Notes from the offer and sale of newly issued senior notes with terms and conditions satisfactory to Intrawest and in an aggregate principal amount of not less than $325 million, borrowings under its credit facility or with cash on hand. Deutsche Bank Securities Inc. will act as Dealer Manager and Solicitation Agent for the tender offer and consent solicitation. The Depositary is JPMorgan Chase Bank and the Information Agent is MacKenzie Partners of New York. The tender offer and consent solicitation are described in the Offer to Purchase and Consent Solicitation Statement and the related Letter of Transmittal dated as of September 15, 2004 (collectively, the "Offer Documents") which may be obtained from MacKenzie Partners of New York at 1-800-322-2885 (toll free) and (212) 929-5500 (collect). Persons with questions regarding the tender offer and consent solicitation should contact Deutsche Bank Securities Inc. at (212) 250-4270 or the Information Agent at 1-800-322-2885. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The tender offer and consent solicitation is being made solely by the Offer Documents. The Offer Documents should be read carefully before any decision is made with respect to the tender offer and consent solicitation. Intrawest Corporation is the world's leading developer and operator of village-centered resorts. Intrawest owns or controls 10 mountain resorts in North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic Games. The Company also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. Intrawest is developing five additional resort villages at locations in North America and Europe. The company has a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit http://www.intrawest.com/. Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest's ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. If you would like to receive future news releases by email, please contact DATASOURCE: Intrawest Corporation CONTACT: Mr. John Currie, chief financial officer at (604) 669-9777; To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on reports@cnw.

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