New Issue: Vail Resorts raises add-on to $160 million, yields 9 5/8%

By Paul A. Harris

St. Louis, Mo., Nov. 16 - Vail Resorts, Inc. Friday increased to $160 million its add-on to its 8¾% senior subordinated notes due May 15, 2009 (Ba3/B) and priced the offering at 95.404 for a yield of 9 5/8%, at the tight end of the 9 5/8%-9¾% price talk, a syndicate official told Prospect News. The deal was upsized from the originally announced amount of $100 million.

Deutsche Banc Alex. Brown and Banc of America Securities were joint bookrunners. Co-managers included Bear Stearns & Co., CIBC, and Fleet Securities.

Issuer:	Vail Resorts, Inc.
Amount:	$160 million (upsized from $100 million)
Maturity:	May 15, 2009
Type:	Add-on to 8¾% senior subordinate notes
Bookrunners:	Deutsche Banc Alex. Brown, and Banc of America Securities
Co-managers:	Bear Stearns, CIBC, Fleet Securities
Coupon:	8 ¾%, payable on May 15 and Nov. 15 beginning May 15, 2002
Price:	95.404
Yield:	9 5/8%
Spread:	495 basis points over 5.5% Treasury due May 2009
Equity claw:	For 35% on or prior to May 15, 2002 at 108.75
Call:	Beginning May 15, 2004 at 104.375, then at 102.916, 101.458,
	declining to par on May 15, 2007 and thereafter
Settlement date:	Nov. 21, 2001 (T+3)
Ratings:	Moody's Ba3
	Standard & Poor's B
Cusip:	91879QAD1
End

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