Vail Resorts, Inc., a leading global mountain resort operator, has announced the pricing of its offering of US$500 million aggregate principal amount of 0% convertible senior notes due 2026 in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The issuance and sale of the Notes are scheduled to settle on December 18, 2020, subject to customary closing conditions. Vail Resorts also granted the initial purchasers of the Notes an option to purchase, for settlement within a period of 13 days from, and including, the date Notes are first issued, up to an additional US$75 million principal amount of Notes.
Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets deal team led by New York partner Greg Rodgers, with associates Andrew Blumenthal and Claire Solimine. Advice was also provided on tax matters by New York partner Elena Romanova, with associate Lea Li.