Boyne Resorts Prices Private Offering Of $400 Million Of 7.250% Senior Secured Second Lien Notes
Boyne USA, Inc. has announced the pricing of a previously announced private offering of $400 million aggregate principal amount of 7.250% second lien senior secured notes due 2025 (the "Notes"). The Company intends to use the proceeds from the offering, together with cash on hand, (i) to finance its previously announced acquisition of seven resort and attraction assets consisting of Brighton Resort in Big Cottonwood Canyon near Salt Lake City, Utah; Cypress Mountain in Vancouver, B.C.; Gatlinburg Sky Lift in Gatlinburg, Tennessee; Loon Mountain Resort in New Hampshire; Sugarloaf and Sunday River Resort in Maine; and The Summit at Snoqualmie near Seattle, Washington (the "Resorts Acquisition"), (ii) to refinance certain existing indebtedness and (iii) for general corporate purposes including fees and expenses related to the foregoing. The offering of Notes is expected to close on or about April 11, 2018, subject to customary closing conditions.
The Notes were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States in accordance with Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy the Notes or the related guarantees. There has not been and shall not be any offer, solicitation or sale of the Notes and related guarantees in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
