Vail Resorts updates $1.3B credit agreement

Vail Resorts, Inc. entered into a Tenth Amended and Restated Credit Agreement that replaces its existing term loan facilities with a new $1,275,000,000 senior term loan facility.

Rhea-AI Filing Summary

Vail Resorts, Inc. entered into a Tenth Amended and Restated Credit Agreement that replaces its existing term loan facilities with a new $1,275,000,000 senior term loan facility.

The agreement extends the revolver and term loan maturities to the earlier of five years from closing or ninety days before the maturity of its 5.625% senior notes due 2030, and lowers borrowing costs by revising the leverage-based pricing grid and removing a 0.10% credit spread adjustment on certain reference-rate loans.

Insights

Credit and capital structure analyst

Vail refinances major debt, extends maturities, and modestly lowers interest costs.

Vail Resorts and its subsidiaries entered a Tenth Amended and Restated Credit Agreement that consolidates and replaces an existing term loan and a delayed draw term loan with a new $1,275,000,000 senior term loan facility. This keeps committed bank liquidity in place under updated terms.

The company also extended the maturities of its revolver and term loans to the earlier of five years from closing or ninety days before the maturity of its 5.625% senior notes due 2030. This pushes out bank debt repayment risk while aligning it with the bond maturity profile.

Borrowing costs decrease through a revised leverage-based pricing grid and removal of a 0.10% credit spread adjustment on certain term reference and SOFR-based loans. The overall effect is a slightly cheaper and longer-dated bank capital structure, subject to ongoing compliance with the credit agreement’s covenants.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

What did Vail Resorts (MTN) change in its latest credit agreement?

Vail Resorts entered a Tenth Amended and Restated Credit Agreement that replaces its prior term loan facilities with a new $1,275,000,000 senior term loan, extends revolver and term loan maturities, and modestly reduces interest costs through pricing and spread adjustments.

How large is Vail Resorts’ new senior term loan facility under the Tenth A&R Credit Agreement?

The new senior term loan facility totals $1,275,000,000. It replaces an existing term loan, which had $885,937,500 outstanding, and a $275,000,000 delayed draw term loan facility, consolidating these into a single, updated bank term loan structure for the company.

How did the Tenth A&R Credit Agreement change Vail Resorts’ debt maturities?

The agreement extends the revolver and term loan maturities to the earlier of five years from closing or ninety days before the maturity of Vail Resorts’ 5.625% senior notes due 2030, improving visibility on near- to medium-term refinancing needs and liquidity planning.

How are interest rates affected by Vail Resorts’ new credit agreement?

The agreement reduces borrowing costs by modifying the existing leverage-based pricing grid and removing a 0.10% credit spread adjustment on Term Reference Rate Loans and Daily SOFR Rate Loans, lowering the margin Vail Resorts pays over benchmark interest rates on these borrowings.

Which entities are parties to Vail Resorts’ Tenth Amended and Restated Credit Agreement?

Vail Holdings, Inc. is the borrower, with Vail Resorts, Inc. and certain subsidiaries as guarantors. Bank of America, N.A. acts as administrative agent, with U.S. Bank National Association, Wells Fargo, National Association, and other lenders participating in the syndicated facility.

What prior facilities does Vail Resorts’ new $1,275,000,000 term loan replace?

The new senior term loan replaces the existing term loan facility, which had $885,937,500 outstanding immediately before effectiveness, and the existing $275,000,000 delayed draw term loan facility, combining them into a single, larger term loan under updated credit terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/12/2026 - 04:50 PM Learn about SEC filing dates

false000081201100008120112026-02-092026-02-09

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 9, 2026

Vail Resorts, Inc.

(Exact Name of Registrant as Specified in Charter)

Delaware

001-09614

51-0291762

(State or Other Jurisdiction of Incorporation or Organization)

(Commission File Number)

(I.R.S. Employer Identification No.)

390 Interlocken Crescent

Broomfield,

Colorado

80021

(Address of Principal Executive Offices)

(Zip Code)

(303)			404-1800
(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol			Name of each exchange on which registered
Common Stock, $0.01 par value			MTN			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01. Entry into a Material Definitive 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”).

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).

The description above is only a summary of the Tenth A&R Credit Agreement and is qualified in its entirety by reference to the Tenth A&R Credit Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.			Description
10.1			Tenth Amended and Restated Credit Agreement, dated February 9, 2026 among Vail Holdings, Inc., as borrower, Bank of America, N.A. as administrative agent, U.S. Bank National Association and Wells Fargo, National Association as co-syndication Agents, and the Lenders party thereto.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Vail Resorts, Inc.
Date: February 12, 2026			By:			/s/ Angela A. Korch
						Angela A. Korch
						Executive Vice President and Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 TENTH A&R VHI CREDIT AGREEMENT 1.4 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB