Vail Resorts, Inc. said Wednesday 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 (Notes). 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.
The company intends to use the proceeds from the proposed offering to fund the redemption of all $600 million of its outstanding 6.250 percent Senior Notes due 2025 at a redemption price equal to 100 percent of their principal amount and all related fees and expenses.
The company said the press release announcing the offering does not constitute a notice of redemption with respect to the company’s outstanding 6.250 percent 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.
