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American Skiing again extends tender for 12% notes
New York, Nov. 17 - American Skiing Co. again extended the expiration date of its tender offer for its $120 million principal amount of 12% senior subordinated notes due 2006.
The offer will now expire at 5 p.m. ET on Nov. 23 instead of 5 p.m. ET on Nov. 17. It was previously extended from Nov. 12.
By the close of business on Nov. 16, the company had received tenders of $118.5 million of the notes, unchanged from the previous announcement on Nov. 12.
Closing is subject to American Skiing completing a new debt financing to fund the payments and to refinance the company's existing credit facility and the receipt of the necessary consents.
American Skiing announced on Oct. 22 that it had received the necessary consents to amend its $120 million principal amount of 12% senior subordinated notes due 2006.
The Park City, Utah, operator of ski, snowboard and golf resorts said it has executed a supplemental indenture, but the changes will only become effective when it buys the notes.
As announced on Oct. 12, American Skiing 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.
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.
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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