Vail Resorts Raising $600 Million, Issues Credits to Pass Holders
The offering of 6.250% senior unsecured notes due in 2025 is for general corporate purposes which certainly includes backstopping the resort operator’s liquidity to deal with the coronavirus shutdown. MTN also negotiated an increase in its revolver and term loan availability with Bank of America and its other lenders, along with a temporary waiver period that exempts it from complying with maximum leverage ratio and minimum interest coverage ratio covenants through Jan. 31, 2022. In exchange for the waiver, it must maintain minimum liquidity of $150 million and refrain from paying any dividends or making share repurchases unless other conditions ... Log in to view full article.