UNITED STATES
SECURITIES AND
EXCHANGE COMMISSIONWashington, D.C. 20549 FORM 8-K CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest
event reported): July 15, 2011 Great Wolf Resorts,
Inc.(Exact name of registrant as
specified in its charter) Delaware
  
  000-51064
  
  51-0510250(State or other Jurisdiction of Incorporation)
  
  (Commission File Number)
  
  (IRS Employer Identification No.) 525 Junction Road, Suite 6000
South,
Madison, Wisconsin
  
  53717(Address of Principal Executive Offices)
  
  (Zip Code) Registrant’s telephone number,
including area code: (608) 662-4700 N/A(Former name or former address if changed since last report.) Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)o Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))o Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01. Entry into a
Material Definitive Agreement. On July 15, 2011,
Great Wolf Lodge of the Carolinas, LLC, a wholly-owned subsidiary of Great Wolf
Resorts, Inc. (the “Company”) and the owner of the Company’s
Concord, North Carolina Great Wolf Lodge resort (the
Borrower) entered into a loan agreement
(the “Loan Agreement”) with Credit Agricole Corporate and
Investment Bank (the “Lender”) and Deutsche Bank Securities Inc.
The principal amount of the new loan
under the Loan Agreement is $56.0 million. The proceeds of the new loan were
used, together with cash on hand, to refinance the $76.6 million of
outstanding indebtedness under an existing mortgage loan that was secured by
the Concord resort and to pay accrued and unpaid interest and associated fees
and expenses. The new loan includes
the following primary terms:  •
  
  The new loan is secured by the Company’s Concord resort,
which is owned by the Borrower.  •
  
  The loan bears interest at a floating rate of 30-day LIBOR plus a spread
of 500 basis points with a minimum rate of 6.00% per annum.  •
  
  The loan matures in July 2014 and has a one-year extension available
at the Borrower’s option, assuming the property meets certain operating
performance thresholds.  •
  
  The loan has customary prepayment fees if prepaid during the first
24 months from the closing date.  •
  
  The loan has customary covenants associated with an individual mortgaged
property.  •
  
  The loan has scheduled quarterly principal payments of $125,000 in the
first year of the loan term and $375,000 thereafter. The new loan also has a
property-level cash flow sweep under which excess cash is applied towards the
loan’s outstanding principal balance on a quarterly basis. The cash flow
sweep will terminate when the property achieves a leverage ratio (defined as
the loan’s principal balance divided by the property’s trailing
twelve-month net operating income) of 6.5x or below for two consecutive
quarters.  •
  
  The loan requires the Borrower to maintain a minimum debt service
coverage ratio (defined as the property’s trailing twelve-month net
operating income divided by the loan’s trailing twelve-month debt
service) of 1.15 in the first year of the loan term, 1.20 in the second year
and 1.30 thereafter.  •
  
  The Lender has a $25.0 million loan principal guarantee from the
Company. This guarantee can be reduced to $14.5 million if the property
leverage ratio is reduced to certain levels. As part of the guarantee, the
Company must meet certain financial covenants, including a minimum unrestricted
cash balance, a minimum consolidated net worth balance, a minimum consolidated
interest coverage ratio, and a maximum consolidated leverage ratio.  2




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SIGNATURES Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. Great Wolf Resorts, Inc.By:
  /s/ James A. CalderName: James A. Calder
Title: Chief Financial Officer
  Date: July 20, 2011  3