April 2, 2010 (FinancialWire) — Great Wolf Resorts, Inc. (NASDAQ: WOLF) said that its subsidiaries, GWR Operating Partnership, L.L.L.P. and Great Wolf Finance Corp., have priced an offering of $230 million aggregate principal amount of first mortgage notes.

The notes will be issued at a price to investors of 95.347 percent of their principal amount, bear a fixed interest rate of 10.875 percent per year and mature on April 1, 2017. The transaction is expected to close on April 7, 2010. Great Wolf said it plans to use the net proceeds from the offering to repay the outstanding mortgage debt on its Mason, OH, Williamsburg, VA and Grapevine, TX properties, totaling $212 million.

The balance of the net proceeds, if any, will be used for general corporate purposes, according to the comapny.

The notes will be guaranteed by the company’s subsidiaries that hold the company’s Grapevine, Mason and Williamsburg resorts, and those guarantees will be secured by first priority mortgages on those resorts and by a first priority lien on the other assets of the subsidiaries holding those resorts, subject to exceptions.

Wisconsin-based Great Wolf operates indoor waterpark resorts.

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