MTN · Vail Resorts, Inc.

Summary

On February 9, 2026, Vail Holdings, Inc., a wholly-owned subsidiary of Vail Resorts, Inc., entered into the Tenth Amended and Restated Credit Agreement, replacing the existing term loan facility ($885,937,500 outstanding) and $275,000,000 delayed draw term loan facility with a new $1,275,000,000 senior term loan facility, extending maturities, and reducing interest rates.

Key takeaways

• Entered Tenth A&R Credit Agreement on February 9, 2026
• Replaced existing term loans totaling $1,160,937,500 with new $1,275,000,000 senior term loan facility
• Extended maturity of revolver and term loans to earliest of five years from closing or 90 days prior to 5.625% senior notes due 2030
• Reduced interest rates by modifying leverage-based pricing grid and removing 0.10% credit spread adjustment
• Parties include Vail Holdings, Inc. as borrower, Bank of America, N.A. as administrative agent, and certain lenders
• Exhibit 10.1 filed with CUSIP numbers 91879UAM2 (deal), 91879UAN0 (revolver), 91879UAP5 (term)