Vail Resorts, Inc. Announces Results of Exchange Offer
December 27, 2011 - Vail Resorts, Inc. (NYSE: MTN) (the "Company") today announced the results of its offer to exchange up to $390.0 million principal amount of newly issued 6.50% Senior Subordinated Notes due 2019, registered under the Securities Act of 1933, for a like principal amount of its outstanding, privately placed 6.50% Senior Subordinated Notes due 2019.
According to information provided by the exchange agent, The Bank of New York Mellon Trust Company, N.A., approximately $390.0 million aggregate principal amount, or 100%, of the privately placed 6.50% Senior Subordinated Notes due 2019 were tendered for exchange in the exchange offer. The exchange offer expired at 5:00 p.m. New York City time on December 16, 2011.
The outstanding notes were privately placed in April 2011. The Company made this exchange offer to satisfy its obligations under a registration rights agreement relating to the outstanding notes, pursuant to which the Company committed to use its commercially reasonable efforts to issue notes registered under the Securities Act of 1933, which notes generally can be publicly traded, in exchange for the outstanding, privately placed notes, which are subject to certain transfer restrictions. The exchange offer will not affect the Company's outstanding debt levels, as new notes issued pursuant to the exchange offer will be issued only upon cancellation of a like amount of currently outstanding notes.
This announcement is not an offer to sell any securities, nor a solicitation of any offer to buy or exchange any securities. The exchange offer was made solely pursuant to the Company's prospectus dated November 17, 2011, which has been filed with the Securities and Exchange Commission.
About Vail Resorts
Vail Resorts, Inc., through its subsidiaries, is the leading mountain resort operator in the United States. The Company's subsidiaries operate the mountain resort properties of Vail, Beaver Creek, Breckenridge and Keystone mountain resorts in Colorado, the Heavenly and Northstar California ski resorts in the Lake Tahoe area of California and Nevada, and certain National Park Service concessionaire properties including Grand Teton Lodge Company and Flagg Ranch in Wyoming. The Company's subsidiary, RockResorts, a luxury resort hotel company, manages casually elegant properties across the United States and the Caribbean. Vail Resorts Development Company is the real estate planning, development and construction subsidiary of Vail Resorts, Inc. Vail Resorts, Inc. is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
