Vail unit draws final $195.6 million of term loan to fund acquisition

By Wendy Van Sickle

Columbus, Ohio, Sept. 28 – Vail Resorts, Inc. subsidiary Vail Holdings, Inc. drew down the $195.6 million of remaining availability of its term loan facility on Thursday in connection with the closing of its acquisition of Triple Peaks, LLC, according to a 10-K filing with the Securities and Exchange Commission.

In August, Vail amended and restated its credit agreement to provide for a $400 million revolving loan facility and a term loan facility of $950 million, upsized from $684.4 million.

The company borrowed $70 million of the enlarged term loan at closing on Aug. 15, primarily to fund the acquisition of all assets of Stevens Pass Resort in Washington and planned to borrow the remainder at closing of the Triple Peaks purchase, as previously reported.

The remainder of the term loan was available until the earlier of the closing of that acquisition and Dec. 31.

Bank of America, NA is the administrative agent.

Vail Resorts is a Broomfield, Colo.-based mountain resort operator. Based in Ludlow, Vt., Triple Peaks manages and operates ski and golf resorts.

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