By Paul A. Harris
Portland, Ore., April 24 – Vail Resorts, Inc. priced a $600 million issue of eight-year senior notes (Ba3/BB) at par to yield 6˝% in a Wednesday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 6˝% area, Initial guidance was in the high-6% area, a trader said.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC.
The Broomfield, Colo.-based mountain resorts operator plans to use the proceeds plus cash on hand to redeem its notes due 2025 and to fund the discharge of the indenture of those notes.
| Issuer: | Vail Resorts, Inc.
|
| Amount: | $600 million
|
| Issue: | Senior notes
|
| Maturity: | May 15, 2032
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Truist Securities Inc., BMO Capital Markets Corp., PNC Capital Markets LLC and BOK Financial Securities Inc.
|
| Coupon: | 6˝%
|
| Price: | Par
|
| Yield: | 6˝%
|
| Spread: | 183 bps
|
| First call: | May 15, 2027 at 103.25
|
| Trade date: | April 24
|
| Settlement date: | May 4
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6˝% area
|
| Marketing: | Drive-by
|
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