Vail Resorts amends credit facility, buys back $50 million of 2026 convertible notes
Vail Resorts amended its credit agreement on January 27, 2025, raising its revolving credit commitments by $100.0 million to $600.0 million and adding a $450.0 million delayed draw term loan that can be drawn at the company's option, with undrawn capacity expiring in January 2026. The company also agreed on January 28, 2025 to repurchase about $50 million of its 0.0% convertible notes due January 2026 for about $48 million in cash, leaving about $525 million outstanding; the company says the new borrowing capacity can be used to refinance the notes.
- First Amendment to credit agreement signed January 27, 2025, with Bank of America, N.A. as administrative agent
- Revolving commitments increased $100.0 million to $600.0 million; $450.0 million delayed draw term loan added
- Repurchase of about $50 million of convertible notes for about $48 million cash, a roughly 4% discount to par, expected to close January 30, 2025
- About $525 million of the 0.0% convertible notes due January 2026 to remain outstanding after closing