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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

11. SUBSEQUENT EVENTS

Debt Refinancing — On August 9, 2013, we filed a Current Report on Form 8-K with the SEC announcing that we have entered into a credit agreement (the “Credit Agreement”) governing the senior secured credit facilities, consisting of a $320.0 million term loan B facility which matures on August 6, 2020 and a $100.0 million revolving credit facility which matures on August 6, 2018, with a syndicate of lenders and Deutsche Bank AG New York Branch, as administrative agent, collateral agent, swingline lender and L/C issuer.

The net proceeds received by GWRI from the senior secured credit facilities under the Credit Agreement, together with other cash available to GWRI, were used to, among other things, repay the credit facility of Great Wolf Lodge of the Carolinas, LLC, a subsidiary of GWRI, under a credit agreement, dated as of July 15, 2011 and as subsequently amended, among Great Wolf Lodge of the Carolinas, LLC, the lenders from time to time party thereto, and Crédit Agricole Corporate and Investment Bank, as agent.

Concurrently, GWR Operating Partnership, L.L.L.P. and Great Wolf Finance Corp. (together, the “Issuers”) provided notice to U.S. Bank National Association, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”), pursuant to the Indenture, dated as of April 7, 2010 (as supplemented by the First Supplemental Indenture, dated as of May 28, 2010, and the Second Supplemental Indenture, dated as of April 30, 2012) by and among the Issuers, the guarantors party thereto, the Trustee and the Collateral Agent (the “Indenture”), that the Issuers had elected to redeem all of their outstanding 10.875% First Mortgage Notes due 2017 issued under the Indenture (the “Notes”), at a redemption price of 100% plus a make-whole premium, plus accrued and unpaid interest, on September 5, 2013 (the “Full Redemption”). On August 6, 2013, the Issuers, the Trustee and the Collateral Agent entered into a Satisfaction and Discharge Agreement whereby the Issuers caused to be irrevocably deposited with the Trustee, to satisfy and to discharge the Issuers’ obligations under the Indenture, proceeds from the Credit Agreement in an amount sufficient to effect the Full Redemption on September 5, 2013.

Interest Rate Cap Settlement — On August 8, 2013, in connection with the repayment of the credit facility of Great Wolf Lodge of the Carolinas, LLC, described above, the Company settled the interest rate caps described in Note 7.

Purchase of Property for Development — On August 13, 2013, Great Wolf Lodge of New England, LLC, a wholly owned indirect subsidiary of GWR Operating Partnership, L.L.L.P. completed the acquisition of a 245-room hotel, conference center and waterpark in Fitchburg, Massachusetts for a purchase price of approximately $14.0 million. We intend to refurbish the property and reopen it as a Great Wolf Lodge in 2014.