American Skiing buys back all 11.3025% convertibles

By Angela McDaniels

Seattle, April 10 - American Skiing Co. repurchased all of its $22.338 million outstanding 11.3025% convertible subordinated notes due 2012 at par on April 4, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The company funded the repurchase with a portion of the $65.911 million cash proceeds it received from the sale of Mount Snow, Ltd. and LBO Holding Inc. to Peak Resorts Inc.

The Park City, Utah-based operator of alpine ski, snowboard and golf resorts said it plans to use an additional portion of the proceeds to repay $42.948 million of its $76.7 million junior subordinated notes due 2012.

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