Boyne Resorts Prices Private Offering of $540 Million of 4.750% Senior Notes

BOYNE FALLS, Mich., April 15, 2021 /PRNewswire/ -- Boyne USA, Inc. (the "Company") today announced the pricing of a previously announced private offering of $540 million aggregate principal amount of 4.750% senior notes due 2029 (the "Notes").  The Company intends to use the proceeds from the offering, together with cash on hand, to finance its previously announced tender offer for and redemption of $580 million aggregate principal amount of its existing 7.250% senior secured second lien notes due 2025 (the "Tender Offer and Redemption") and to pay fees and expenses related to the offering, the Tender Offer and Redemption and related transactions and to repay other debt.  The offering of Notes is expected to close on or about April 26, 2021, subject to customary closing conditions.

The Notes were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States in accordance with Regulation S under the Securities Act.  The Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy the Notes or the related guarantees.  There has not been and shall not be any offer, solicitation or sale of the Notes and related guarantees in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Boyne Resorts

Boyne Resorts, founded in 1947 by Everett Kircher, is one of the largest mountain resort companies in North America by total skier visits. A Michigan-based corporation, Boyne Resorts owns and operates award-winning mountain and golf resorts and attractions throughout the United States and Canada including Cypress Mountain near Vancouver, B.C., official freestyle skiing and snowboard venue of the 2010 Olympic Winter Games; Sugarloaf and Sunday River Resort in Maine; Boyne Mountain, Boyne Highlands, Inn at Bay Harbor ? Autograph Collection resorts and Avalanche Bay Indoor Waterpark in Michigan; Big Sky Resort in Montana; Loon Mountain Resort in New Hampshire; Gatlinburg SkyLift Park in Tennessee; Brighton Resort in Utah; and The Summit at Snoqualmie in Washington.

Forward-looking Statements

This press release contains forward-looking statements, including, but not limited to, statements regarding the anticipated closing date of the offering, the expected use of proceeds from the offering and other statements contained in this press release that are not historical facts. These forward-looking statements were made as of the time and date of this press release and were based on then-current expectations as well as the beliefs and assumptions of management. Words such as "expect," "intend," "will" and variations of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially, including (i) the risk that the Company is unable to sell the Notes on the terms described herein or at all because of a downturn in market conditions or otherwise, (ii) the risk that the Tender Offer and Redemption is not consummated and (iii) the impact of general economic, industry or political conditions (including the novel coronavirus (COVID-19)). The Company undertakes no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

SOURCE Boyne Resorts