American Skiing tenders for 12% notes

New York, Oct. 12 - American Skiing Co. said it has begun a tender offer and consent solicitation for any and all of its $120 million principal amount of 12% senior subordinated notes due 2006.

The Park City, Utah, operator of ski, snowboard and golf resorts is offering to pay $1,015.63 per $1,000 principal amount for the notes.

The total includes a consent payment of $20.00 per $1,000 principal amount for notes tendered by the consent date of 5 p.m. ET on Oct. 22.

Holders who tender after that date but before the expiration of midnight ET on Nov. 8 will not receive the consent payment.

American Skiing will also pay accrued interest.

The consent solicitation is to eliminate substantially all of the restrictive covenants and certain events of default from the note indenture.

The tender is subject to completion of debt financing to fund the payments and to refinance the existing company's credit facility and the receipt of the necessary consents.

American Skiing said "a person" owning $61.695 million principal amount of the notes has agreed to tender and consent.

The information agent is Georgeson Shareholder Communications Inc. (212 440-9800 or 888 264-6999).

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