VAIL RESORTS INC (MTN): debt financing — Vail Resorts amends credit agreement: $1.275B term loan, lower rates, extended maturity

The Tenth A&R Credit Agreement, among other things, (i) replaces each of (x) the existing term loan facility, of which $885,937,500 was outstanding immediately prior to the effectiveness of the Tenth A&R Credit Agreement, and (y) the existing $275,000,000 delayed draw term loan facility, with a new $1,275,000,000 senior term loan facility, (ii) extends the maturity date of the revolver and term loan facilities to the earlier of (x) five years from the closing date and (y) the date that is ninety days prior to the maturity of the Company’s 5.625% senior notes due 2030 so long as such notes remain outstanding and (iii) reduces the interest rate applicable to borrowings under the Tenth A&R Credit Agreement by (x) modifying the existing leverage-based pricing grid and (y) removing the 0.10% credit spread adjustment for Term Reference Rate Loans and Daily SOFR Rate Loans (each as defined in the Tenth A&R Credit Agreement).

On February 9, 2026, Vail Holdings, Inc., a Colorado corporation ( “VHI”) and a wholly-owned subsidiary of Vail Resorts, Inc. (the “Company”), a Delaware corporation, certain subsidiaries of VHI, and the Company, as guarantors, Bank of America, N.A., as administrative agent, and certain Lenders entered into an amendment and restatement of the Ninth Amended and Restated Credit Agreement, dated as of April 24, 2024 (as so amended and restated, the “Tenth A&R Credit Agreement”).