Vail Resorts driving by with $600 million eight-year senior notes; initial talk high-6% area

By Paul A. Harris

Portland, Ore., April 24 – Vail Resorts, Inc. plans to price a $600 million offering of senior notes due 2032 in a Wednesday drive-by, according to market sources.

Initial talk has the deal coming to yield in the high-6% area, a trader said.

The Rule 144A and Regulation S for life eight-year notes become subject to an initial call after three years at par plus 50% of the coupon. They feature a 40% equity clawback at par plus the full coupon during the non-call period and a 101 poison put.

BofA Securities Inc. is the left bookrunner. U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Truist Securities Inc., BMO Capital Markets Corp., PNC Capital Markets LLC and BOK Financial Securities Inc. are the co-managers.

The Broomfield, Colo., mountain resort 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.

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