On July 2, 2025, Vail Resorts Inc. successfully completed a private placement offering, raising $500 million through the issuance of 5.625% Senior Notes due 2030. The transaction was conducted under Rule 144A and Regulation S of the Securities Act of 1933. These notes are guaranteed on a senior subordinated basis by certain domestic subsidiaries of Vail Resorts. The Indenture governing the Notes imposes covenants that limit the company's ability to incur liens, merge, or dispose of significant assets, although these restrictions are lifted if the Notes maintain investment-grade ratings from two specified agencies and no default events occur. In the event of a Change of Control, Vail Resorts is obligated to offer to repurchase the Notes at 101% of their principal amount, plus any accrued interest. The Indenture also outlines procedures for asset disposals, requiring the reinvestment of proceeds or debt repayment under certain conditions.
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