Attitash, Crotched, Mount Snow, Wildcat owner may sell 10 million shares as SKIS on NASDAQ
Wednesday, November 12, 2014, NewEnglandSkiIndustry.com
In the midst of its second IPO attempt, Peak Resorts has set terms for the offering, announcing 10 million shares will be sold at between $9 and $11 per share to generate $100 million.
In addition, up 559,296 shares have been allocated for an Incentive Plan for stock options/bonuses.
According to the SEC Form S-1, Peak Resorts has $204 million in assets, $175 million in long term debt (most of it at 10% interest), and $3.5 million in stockholders' equity. Much of the funds from the IPO will be used to pay down the debt. The pending event likely prompting the latest IPO attempt is a 10% interest only loan related to Mount Snow. $42.9 million is due on April 1, 2016. Interest rates on some of the debt could climb to 11.6% in coming years.
Peak Resorts operates 13 ski areas in the United States. It opened Crotched Mountain in New Hampshire in 2003, purchased Attitash in New Hampshire and Mount Snow in Vermont from American Skiing Company in 2007, and Wildcat in New Hampshire in 2010. The company reported 1.57 million skier visits and 182 thousand tubing visits in fiscal year 2014.