---
schema_version: "secwatch.filing_event.v1"
accession: "0000812011-26-000010"
form_type: "8-K"
ticker: "MTN"
cik: "0000812011"
company_name: "VAIL RESORTS INC"
filed_at: "2026-02-12T23:59:59+00:00"
generated_at: "2026-05-16T03:09:45.981880+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Vail Resorts amends credit agreement: $1.275B term loan, lower rates, extended maturity

## Summary
- New $1,275,000,000 senior term loan facility replaces $885.9M term loan and $275M delayed draw facility.
- Maturity extended to 5 years from closing or 90 days before 5.625% senior notes due 2030 (if outstanding).
- Interest rate reduced by modifying leverage-based pricing grid and removing 0.10% credit spread adjustment.
- Applicable margin set initially at Pricing Level III (1.500% for Term Reference Rate loans).
- Revolver commitment remains; commitment fee and L/C fees adjusted via Net Funded Debt to Adjusted EBITDA ratio.

## SEC filing metadata
- accession: 0000812011-26-000010
- form_type: 8-K
- ticker: MTN
- cik: 0000812011
- company_name: VAIL RESORTS INC
- filed_at: 2026-02-12T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/812011/000081201126000010/0000812011-26-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/812011/000081201126000010/mtn-20260209.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000812011-26-000010
- JSON: https://secwatch.observer/filing/0000812011-26-000010.json
- Plain text: https://secwatch.observer/filing/0000812011-26-000010.txt

## Key facts
- Debt Financings
  VAIL RESORTS INC amended credit facility of $1,275,000,000 with Bank of America, N.A., as administrative agent maturing 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.
  - Instrument: credit facility
  - Principal: $1,275,000,000
  - Counterparty: Bank of America, N.A., as administrative agent
  - Maturity: 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
  - Event: amendment
  source text: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/812011/000081201126000010/0000812011-26-000010-index.htm
- Material Agreements
  VAIL RESORTS INC amended Tenth A&R Credit Agreement with Bank of America, N.A., as administrative agent, and certain Lenders (effective 2026-02-09).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A., as administrative agent, and certain Lenders
  - Effective: 2026-02-09
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/812011/000081201126000010/0000812011-26-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.