Vail Resorts, Inc. completed an amendment of its Vail Holdings Credit Agreement on January 27, 2025, which increased the U.S. revolver by an incremental $100 million to $600 million. The amendment also provided an incremental $450 million term loan facility in the form of delayed draw term loans, available for drawing until January 2026.
Additionally, on January 30, 2025, the company repurchased approximately $50 million of its 0.0% convertible senior notes for an aggregate cash repurchase price of approximately $48 million, representing a 4% discount to par value. Following this repurchase, $525 million of these notes remain outstanding, maturing on January 1, 2026.
The proceeds from any borrowings on the incremental term loan facility and the increased revolving credit loan commitment are available to refinance the remaining convertible senior notes or for other general corporate purposes. These actions demonstrate proactive balance sheet management and enhance the company's liquidity and financial flexibility.
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