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Conyers Dill & Pearman (Cayman) Limited provided Cayman law advice to ClubCorp USA, Inc a wholly owned subsidiary of ClubCorp Holdings, Inc (NYSE: MYCC) in relation to the acquisition of the assets of Sequoia Golf, including the entire issued share capital of a Cayman Islands exempted company, and the financing of the acquisition. The acquisition of Sequoia Golf will expand ClubCorp’s portfolio of private clubs to 209 (from 159 today). Combined, ClubCorp will now own over 25,000 acres of fee simple real estate and have approximately 180,000 individual memberships serving more than 430,000 members.
ClubCorp will pay US$265 million for Sequoia Golf before anticipated transaction expenses, which was financed partly by an amendment and restatement of an existing credit agreement.
Daniel Woolston based in Conyers’ Cayman office advised ClubCorp USA, Inc on the matter, working alongside Perkins Coie LLP and Brownstein Hyatt Farber Schreck, LLP.