BROOMFIELD, Colo., April 29, 2020 /CNW/ -- Vail Resorts, Inc.
(NYSE: MTN) today announced the pricing of its previously announced
senior notes offering. The Company priced $600 million in aggregate principal amount of
6.250% senior notes due 2025 at par (the "Notes"). The offering of
the Notes was upsized from the originally announced aggregate
principal amount of $500 million. The
Notes offering is expected to close on May
4, 2020, subject to customary closing conditions. 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 for general corporate purposes and to pay the fees and
expenses associated with the offering.
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
(the "Securities Act"), 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.
This press release is 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. This press release is being
issued pursuant to and in accordance with Rule 135c under the
Securities Act.
About Vail Resorts, Inc. (NYSE: MTN)
Vail Resorts, Inc. ("Vail Resorts"), through its subsidiaries,
is the leading global mountain resort operator. Vail Resorts'
subsidiaries operate 37 world-class destination mountain resorts
and regional ski areas, including Vail, Beaver
Creek, Breckenridge,
Keystone and Crested Butte in Colorado; Park
City in Utah; Heavenly,
Northstar and Kirkwood in the Lake
Tahoe area of California
and Nevada; Whistler Blackcomb in
British Columbia, Canada;
Perisher, Falls Creek and Hotham
in Australia; Stowe, Mount
Snow, Okemo in Vermont;
Hunter Mountain in New York; Mount
Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail,
Jack Frost and Big Boulder in
Pennsylvania; Alpine Valley,
Boston Mills, Brandywine and Mad
River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a
collection of casually elegant hotels under the RockResorts brand,
as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts
Development Company is the real estate planning and development
subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held
company traded on the New York Stock Exchange (NYSE: MTN).
Forward-Looking Statements
Certain statements discussed in this press release, other than
statements of historical information, are forward-looking
statements within the meaning of the federal securities laws.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
All forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected. Such risks and uncertainties include but are
not limited to the ultimate duration of COVID-19 and its short-term
and long-term impacts on consumer behaviors, the economy generally
and our business and results of operations; unanticipated
developments that prevent, delay or negatively impact the offering
and other financial, operational and legal risks and uncertainties
detailed from time to time in the Company's cautionary statements
contained in its filings with the Securities and Exchange
Commission. All forward-looking statements attributable to us or
any persons acting on our behalf are expressly qualified in their
entirety by these cautionary statements. All guidance and
forward-looking statements in this press release are made as of the
date hereof and we do not undertake any obligation to update any
forecast or forward-looking statements whether as a result of new
information, future events or otherwise, except as may be required
by law. There can be no assurance that the proposed offering
will be completed as anticipated or at all.
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SOURCE Vail Resorts, Inc.