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Vail Resorts talks $500 million five-year convertible notes to yield 0%-0.5%, up 40%-45%
By Abigail W. Adams
Portland, Me., Dec. 14 – Vail Resorts Inc. plans to price $500 million of five-year convertible notes after the market close on Tuesday with price talk for a coupon of 0% to 0.5% and an initial conversion premium of 40% to 45%, according to a market source.
BofA Securities Inc. (lead left), Wells Fargo Securities LLC and Evercore are bookrunners for the Rule 144A offering, which carries a greenshoe of $75 million.
The notes are non-callable until Jan. 1, 2024 and then subject to a 130% hurdle.
There is dividend and takeover protection.
The principal amount of the notes will be settled in cash with the excess amount to be settled in cash, shares or a combination of both at the company’s option.
Proceeds will be used for general corporate purposes.
Vail Resorts is a Broomfield, Colo.-based mountain resort operator.
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