Vail Resorts, Inc. (NYSE:MTN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On April 15, 2019, Vail Holdings, Inc. (“VHI”), a wholly-owned subsidiary of Vail Resorts, Inc. (the “Company”), certain subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent (the “Agent”), and certain Lenders entered into a First Amendment (the “First Amendment”) to the Eighth Amended and Restated Credit Agreement, dated as of August 15, 2018 (as so amended, the “Credit Agreement”).
to the terms of the First Amendment, the Agent and the Lenders party thereto agreed to (i) extend the Termination Date of the Credit Agreement’s revolving loan facility and term loan facility to April 15, 2024, (ii) increase the amount of dividends the Company is permitted to pay in each fiscal quarter under the Credit Agreement’s Restricted Payments covenant, and (iii) increase the aggregate commitments under the Credit Agreement’s revolving loan facility to $500,000,000.
The foregoing description of the First Amendment is only a summary and is qualified in its entirety by reference to the Amendment, a copy of which will be filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended April 30, 2019, and the Credit Agreement, a copy of which was filed as an exhibit to our Quarterly Report on Form 10-Q for the quarter ended October 31, 2018.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.
The information set forth above in Item 1.01 is incorporated by reference in this Item 2.03.
About Vail Resorts, Inc. (NYSE:MTN)
Vail Resorts, Inc. is a holding company. The Company operates through three segments: Mountain, Lodging and Real Estate. Its Mountain segment operates over 10 mountain resort properties and approximately three urban ski areas, as well as ancillary services, primarily including, ski school, dining, and retail/rental operations. It operates mountain resorts and urban ski areas, such as Whistler Blackcomb in British Columbia, Canada. In the Lodging segment, it owns and/or manages a collection of luxury hotels and condominiums under its RockResorts brand, as well as other lodging properties and various condominiums; National Park Service (NPS) concessionaire properties, including the Grand Teton Lodge Company (GTLC), which operates destination resorts in Grand Teton National Park; Colorado Mountain Express (CME), and mountain resort golf courses. Its Real Estate segment owns, develops and sells real estate in and around its resort communities.
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