ClubCorp Announces Completion of $415 Million Offering of Senior Notes and Entry Into $360 Million of New Credit Facilities

DALLAS, Nov. 30, 2010 /PRNewswire/ -- ClubCorp Club Operations, Inc. ("ClubCorp") announced today the completion of its offering of $415 million in aggregate principal amount of 10% senior notes that will mature in 2018 (the "Notes").  The Notes were offered and sold in a private placement to "qualified institutional buyers" in the United States pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.  In addition, ClubCorp entered into a six-year term loan facility in the amount of $310 million and a five-year revolving credit facility in the amount of $50 million with a syndicate of lenders.  The proceeds from the issuance of the Notes, together with borrowings under the new credit facilities, were used by ClubCorp to retire certain of its existing indebtedness maturing in 2012.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale of the Notes in any jurisdiction where such offer, solicitation or sale would be unlawful.  The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States or to any U.S. persons absent registration under the Securities Act or pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. 

About ClubCorp

Founded in 1957, ClubCorp owns or operates a network of more than 150 golf, country, business, sports and alumni clubs in 25 states, the District of Columbia and two foreign countries.  ClubCorp serves over 350,000 members and employs more than 14,000 employees.

SOURCE ClubCorp Club Operations, Inc.