August 31, 2014 4:02 AM ET

Hotels, Restaurants and Leisure

Company Overview of ClubCorp Club Operations, Inc.

Company Overview

ClubCorp Club Operations, Inc., together with its subsidiaries, owns and manages private golf, country, business, sports, and alumni clubs in North America. The company operates in two segments, Golf and Country Clubs; and Business, Sports, and Alumni Clubs. The Golf and Country Clubs segment provides facilities for golf, tennis, swimming, and other outdoor activities. The Business, Sports, and Alumni Clubs segment offers dining rooms, bar areas, and private meeting rooms; and fitness and racquet facilities, as well as provides connection between the universities, and their alumni and faculty. As of December 31, 2013, the company had a portfolio of 154 owned or operated clubs serving approxi...

3030 LBJ Freeway

Suite 600

Dallas, TX 75234

United States

Founded in 1957

13,300 Employees

Phone:

972-243-6191

Key Executives for ClubCorp Club Operations, Inc.

Chief Executive Officer
Age: 56
Editor-in-Chief of Private Clubs magazine
Chief Financial Officer
Age: 47
Chief Operating Officer
Age: 49
President of The Pinehurst Company
Age: 62
Compensation as of Fiscal Year 2014.

ClubCorp Club Operations, Inc. Key Developments

ClubCorp Club Operations, Inc. Announces $145.25 Million Reduction in Senior Notes

ClubCorp Holdings, Inc. announced that ClubCorp Club Operations, Inc., redeemed $145.25 million in principal of its 10% senior notes due in 2018. As previously communicated, a portion of the net proceeds from the Company's initial public offering was used to satisfy the redemption price of 110.0%, plus accrued and unpaid interest thereon. As a result of this redemption, annualized interest expense is expected to be reduced by approximately $14.5 million, excluding the impact of the redemption premium. Subsequent to this redemption, $269.75 million in principal amount of the senior notes remains outstanding and is redeemable beginning at the end of 2014 at a premium of 105%, which declines thereafter.

ClubCorp Holdings, Inc. Completes Amendment of its Credit Facility

ClubCorp Holdings, Inc. announced that effective September 30, 2013, ClubCorp Club Operations, Inc. and CCA Club Operations Holdings, LLC, completed an amendment of the Credit Agreement, among Club Operations, Holdings LLC, the lenders from time to time a party thereto, and Citicorp North America, Inc., as administrative and collateral agent. Provides revolving credit commitments of $135.0 million maturing in September 2018, with additional capacity of $75.0 million in revolving credit and term loan combined and additional capacity for incremental revolving credit and/or term loan commitments thereafter if certain covenants are met; Borrowings under the incremental revolving credit commitments bear interest at an improved rate of LIBOR plus a margin of 3.0% per annum; and Borrowings under the term loan facility, now maturing in July 2020, will bear interest at a reduced rate as of September 25, 2013 at the higher of (i) 4.0% or (ii) an elected LIBOR plus a margin of 3.0%.

ClubCorp Club Operations, Inc. Provides Preliminary Consolidated Financial Guidance for the Twelve Weeks Ended September 3, 2013; Expects Impairments for the Twelve Weeks Ended September 3, 2013

ClubCorp Club Operations, Inc. provided preliminary consolidated financial guidance for the twelve weeks ended September 3, 2013. For the period, the company expected total revenues in a range of $193,400,000 to $194,900,000; operating income in a range of $16,700,000 to $18,200,000; net loss in a range of $6,880,000 to $4,870,000; adjusted EBITDA in a range of $40,100,000 to $41,600,000; interest expense of $19,254,000; depreciation and amortization of $17,030,000; and EBITDA in a range of $33,714,000 to $35,214,000. The company expected impairments and disposition of assets of $2,776,000 for the twelve weeks ended September 3, 2013.

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