BROOMFIELD, Colo., Dec. 22, 2011 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) (the "Company") today announced the results of its offer to exchange up to $390.0 million principal amount of newly issued 6.50% Senior Subordinated Notes due 2019, registered under the Securities Act of 1933, for a like principal amount of its outstanding, privately placed 6.50% Senior Subordinated Notes due 2019.
According to information provided by the exchange agent, The Bank of New York Mellon Trust Company, N.A., approximately $390.0 million aggregate principal amount, or 100%, of the privately placed 6.50% Senior Subordinated Notes due 2019 were tendered for exchange in the exchange offer. The exchange offer expired at 5:00 p.m. New York City time on December 16, 2011.
The outstanding notes were privately placed in April 2011. The Company made this exchange offer to satisfy its obligations under a registration rights agreement relating to the outstanding notes, pursuant to which the Company committed to use its commercially reasonable efforts to issue notes registered under the Securities Act of 1933, which notes generally can be publicly traded, in exchange for the outstanding, privately placed notes, which are subject to certain transfer restrictions. The exchange offer will not affect the Company's outstanding debt levels, as new notes issued pursuant to the exchange offer will be issued only upon cancellation of a like amount of currently outstanding notes.
This announcement is not an offer to sell any securities, nor a solicitation of any offer to buy or exchange any securities. The exchange offer was made solely pursuant to the Company's prospectus dated November 17, 2011, which has been filed with the Securities and Exchange Commission.
About Vail Resorts
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly and Northstar California ski resorts in the Lake Tahoe area of California and Nevada, and certain National Park Service concessionaire properties including Grand Teton Lodge Company and Flagg Ranch in Wyoming. The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts, Inc. is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
Forward-Looking Statements
Statements in this press release, other than statements of historical information, are forward looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; unfavorable weather conditions or natural disasters; adverse events that occur during our peak operating periods combined with the seasonality of our business; competition in our mountain and lodging businesses; our ability to grow our resort and real estate operations; our ability to successfully initiate, complete, and sell, new real estate development projects and achieve the anticipated financial benefits from such projects; further adverse changes in real estate markets; continued volatility in credit markets; our ability to obtain financing on terms acceptable to us to finance our real estate development, capital expenditures and growth strategy; our reliance on government permits or approvals for our use of Federal land or to make operational improvements; adverse consequences of current or future legal claims; our ability to hire and retain a sufficient seasonal workforce; willingness of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases, and the cost and availability of travel options; negative publicity which diminishes the value of our brands; our ability to integrate and successfully realize anticipated benefits of acquisitions or future acquisitions; and implications arising from new Financial Accounting Standards Board ("FASB")/governmental legislation, rulings or interpretations.
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, except as may be required by law. Investors are also directed to other risks discussed in documents filed by us with the Securities and Exchange Commission.
SOURCE Vail Resorts, Inc.
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