Maine-based American Skiing Co., which owns The Canyons in Park City, said Thursday it has closed on its previously announced sale of Heavenly ski resort in South Lake Tahoe, Calif., to Vail Resorts Inc.
American Skiing will use proceeds from the sale to reduce outstanding indebtedness by about $88.5 million.
In conjunction with the closing, the company has negotiated an amendment to its resort senior credit facility that addresses application of proceeds and provides for a term facility of $32.9 million and a revolving credit facility of $52.1 million. The existing maturity dates for the facility will not change.
The company said it is continuing to work with its real estate lenders to negotiate amendments to its real estate credit facilities.
The company's other resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; and Steamboat in Colorado.