Vail Resorts Announces Pricing Of Senior Notes Offering

Vail Resorts, Inc. (NYSE: MTN) today announced it intends to commence a private offering to eligible purchasers, subject to market and other conditions, of $500 million in aggregate principal amount of senior notes due 2025 (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).

Vail has also announced the pricing of the 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.