Resort Co. Melts Away Term Loan

Vail Resorts has amended and restated a $425 million senior secured credit facility to reduce pricing, eliminate the institutional tranche and extend the maturity by three years to 2010.

  • 04 Feb 2005
Email a colleague
Request a PDF

Vail Resorts has amended and restated a $425 million senior secured credit facility to reduce pricing, eliminate the institutional tranche and extend the maturity by three years to 2010. The existing facility comprised a $100 million "B" loan and a $325 million revolver. With the amendment the mountain resort operator has paid off the "B" loan and expanded the revolver by $75 million to $400 million, with the option to increase it to $500 million.

Leslie Roubos, Vail Resorts' director of investor relations, described the amendment as "a very good deal for the company." Roubos noted the current loan environment was the resort operator's main driver. With the amendment, the company has been able to reduce the pricing grid and commitment fees. The amendment will also allow the company to de-lever, whenever it has excess cash, without losing borrowing capacity.

The "B" loan was coming up in 2007 and "it is typically when the market is favorable to a company it is a good time to refinance and extend the maturity," Roubos noted. Vail approached the bank group led by Banc of America Securities. J.P. Morgan joined the syndicate, though two banks dropped out. Roubos declined to name them. According to a regulatory filing, U.S. Bank and Wells Fargo Bank are co-syndication agents and Deutsche Bank and LaSalle Bank are co-documentation agents.

  • 04 Feb 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 22 May 2017
1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%