BROOMFIELD, Colo., April 24,
2024 /CNW/ -- Vail Resorts, Inc. (NYSE: MTN) today
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"). 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% Senior Notes due 2025 at a
redemption price equal to 100% of their principal amount and all
related fees and expenses. This press release does not constitute a
notice of redemption with respect to the Company's 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
(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 is a
network of the best destination and close-to-home ski resorts in
the world including Vail Mountain, Breckenridge, Park City Mountain, Whistler
Blackcomb, Stowe, and 32 additional resorts across North America; Andermatt-Sedrun in
Switzerland; and Perisher, Hotham,
and Falls Creek in Australia. We
are passionate about providing an Experience of a Lifetime to our
team members and guests, and our EpicPromise is to reach a zero net
operating footprint by 2030, support our employees and communities,
and broaden engagement in our sport. Our company owns and/or
manages a collection of elegant hotels under the RockResorts brand,
a portfolio of vacation rentals, condominiums and branded hotels
located in close proximity to our mountain destinations, as well as
the Grand Teton Lodge Company in Jackson
Hole, Wyo. Vail Resorts Retail operates more than 250 retail
and rental locations across North
America.
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
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 are
expressly qualified in their entirety by these cautionary
statements. All forward-looking statements in this press release
are made as of the date hereof and we do not undertake any
obligation to update any 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.