Amid resort closures, refund demands, Vail aims to raise $500M
BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) informed regulators Wednesday of plans for a private debt offering that seeks to raise $500 million for the struggling resort operator.
Proceeds from the senior notes, due in 2025, will be used to support “general corporate purposes,” according to documents filed with the U.S. Securities and Exchange Commission.
Vail is attempting to bolster its cash position during a trying time for the firm. Vail has seen all its North American resorts close early due to COVID-19, nearly all hourly employees furloughed, and lawsuits from Epic Pass holders demanding refunds.
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Wall Street reacted positively to the news Wednesday. Vail’s stock price was up about 3.5% in early trading.
BROOMFIELD — Vail Resorts Inc. (NYSE: MTN) informed regulators Wednesday of plans for a private debt offering that seeks to raise $500 million for the struggling resort operator.
Proceeds from the senior notes, due in 2025, will be used to support “general corporate purposes,” according to documents filed with the U.S. Securities and Exchange Commission.
Vail is attempting to bolster its cash position during a trying time for the firm. Vail has seen all its North American resorts close early due to COVID-19, nearly all hourly employees furloughed, and lawsuits…
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