PEAK RESORTS, INC. (NASDAQ:SKIS) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement.
As previously disclosed, Peak Resorts, Inc. and certain of its subsidiaries (together, the “Company”) are parties to the $20.0 million Credit Facility, Loan and Security Agreement (the “Line of Credit Agreement”) with Royal Banks of Missouri, effective as of December 22, 2015. On August 5, 2016, the Company borrowed the then remaining $2.75 million under the Line of Credit Agreement for working capital purposes to a promissory note executed by the Company in favor of Royal Banks of Missouri on August 5, 2016 (the “Second Line of Credit Note”), which originally matured on August 5, 2017.
On August 5, 2017, the Company extended the maturity of the Second Line of Credit Note to November 5, 2017 to the Loan Renewal Agreement. All other terms of the Second Line of Credit Note and Line of Credit Agreement as previously disclosed remain unchanged.
The foregoing summary of the Loan Renewal Agreement is qualified in its entirety by reference to the Loan Renewal Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.03.Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
|
Exhibit No. |
Description of Exhibit |
|
10.1 |
Loan Renewal Agreement made by Peak Resorts, Inc., Hidden Valley Golf and Ski, Inc., Paoli Peaks, Inc., Snow Creek, Inc., LBO Holding, Inc., and SNH Development, Inc., as borrowers, in favor of Royal Banks of Missouri, dated as of August 5, 2017. |
2
Peak Resorts Inc ExhibitEX-10.1 2 skis-20170808xex10_1.htm EX-10.1 20170807 Exhibit 101 Exhibit 10.1 LOAN RENEWAL AGREEMENT Name of Borrower (collectively,…To view the full exhibit click here
About PEAK RESORTS, INC. (NASDAQ:SKIS)
Peak Resorts, Inc. is a holding company. The Company, through its subsidiaries, owns or leases, and operates day ski and overnight drive ski resorts. The Company’s ski resort operations consist of snow skiing, snowboarding and snow sports areas in Wildwood and Weston, Missouri; Bellefontaine and Cleveland, Ohio; Paoli, Indiana; Blakeslee and Lake Harmony, Pennsylvania; Bartlett, Bennington and Pinkham Notch, New Hampshire; West Dover, Vermont, and Hunter, New York, and an 18 hole golf course in West Dover, Vermont. It also manages hotels in Bartlett, New Hampshire; West Dover, Vermont, and Hunter, New York. As of April 30, 2016, the Company operates 14 ski resorts, which consist of six overnight drive ski resorts and eight day ski resorts located across seven states, ranging from Missouri to New Hampshire, and appeal to a range of visitors. As of April 30, 2016, the Company’s resorts comprises approximately 1,860 acres of skiable terrain that appeal to a range of ages and abilities.
