Vail Resorts intends to offer, subject to market and other conditions, $350 million in aggregate principal amount of senior subordinated notes. The interest rate, offering price, ultimate aggregate principal amount and other terms of the notes are to be determined. The Company plans to use the proceeds of the offering to consummate the cash tender offer and consent solicitation for any and all of its $200,000,000 outstanding principal amount of its 8.75% Senior Subordinated Notes due 2009, and $160,000,000 outstanding principal amount of its 8.75% Senior Subordinated Notes due 2009, which Offer is being commenced today.