Vail Resorts, Inc. has commenced its offer to exchange up to $390.0 million principal amount of newly issued 6.50 percent senior subordinated notes due 2019, registered under the Securities Act of 1933, for a like principal amount of its outstanding, privately placed 6.50 percent senior subordinated notes due 2019.
The newly issued notes will be guaranteed by the domestic subsidiaries of the company that guarantee the outstanding notes.
The outstanding notes were privately placed in April 2011 . The company is making this exchange offer to satisfy its obligations under a registration rights agreement relating to the outstanding notes, pursuant to which the company committed to use its commercially reasonable efforts to issue notes registered under the Securities Act of 1933, which notes generally can be publicly traded, in exchange for the outstanding, privately placed notes, which are subject to certain transfer restrictions. The exchange offer will not affect the company's outstanding debt levels, as new notes issued pursuant to the registration under the Securities Act will be issued only upon cancellation of a like amount of currently outstanding notes.
The company will accept for exchange any and all outstanding notes validly tendered on or before 5:00 p.m. , New York City time, on December 16, 2011 , unless the exchange offer is extended. The exchange offer is made only pursuant to the company's prospectus dated November 17, 2011 , which has been filed with the Securities and Exchange Commission. The company has not authorized any person to provide information other than as set forth in the prospectus.
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone in Colorado, the Heavenly and Northstar-at-Tahoe mountain resorts in the Lake Tahoe area of California and Nevada, and the Grand Teton Lodge Company in Jackson Hole, Wyoming.
