Vail seeks to raise $500M to bring 2020 total to $1.1B

Less than a week after Vail Resorts Inc. (NYSE: MTN) posted a $153.8 million quarterly loss, the ski area operator announced it will seek to raise $500 million to shore up its cash position.

Vail, which has seen its financial position rocked by COVID-19 resort closures and a drastic slowdown in the tourism industry, already held a $600-million private offering this year.

The new notes will mature in January 2026, and Vail “intends to use the net proceeds from the offering for general corporate purposes,” according to a regulatory disclosure Monday.