Vail Resorts to offer $600 million in senior notes
The company intends to star a private offering to eligible purchasers of senior notes due 2032
On Wednesday, April 24, Vail Resorts announced it intends to commence a private offering to eligible purchasers, subject to market and other conditions, of $600 million in aggregate principal amount of senior notes due 2032. The notes will be unsecured senior obligations of the company and will be guaranteed by certain of the Company’s domestic subsidiaries (other than certain excluded subsidiaries).
Vail Resorts intends to use the proceeds from the proposed offering to fund the redemption of all $600 million of its outstanding 6.250% senior notes due 2025 at a redemption price equal to 100% of their principal amount and all related fees and expenses. Vail Resorts said the announcement does not constitute a notice of redemption with respect to its outstanding 6.250% Senior Notes due 2025.
The notes and the related subsidiary guarantees are being offered to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside of the United States in compliance with Regulation S under the Securities Act. The notes and the related subsidiary guarantees have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
Vail Resorts said the annnounceement press release was not an offer to sell or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. Rather, the release was issued pursuant to and in accordance with Rule 135c under the Securities Act.
