Vail Resorts Inc. has entered into an amended and restated credit agreement with Bank of America, N.A. and other lenders. The new agreement, known as the Tenth Amended and Restated Credit Agreement, replaces previous term loan facilities with a new $1.275 billion senior term loan facility. It also extends the maturity date of the revolving and term loan facilities to the earlier of five years from closing or ninety days before the maturity of the company’s 5.625% senior notes due 2030, if those notes remain outstanding. Additionally, the amendment reduces the interest rate on borrowings by updating the leverage-based pricing grid and removing a 0.10% credit spread adjustment for certain loan types.
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