PARK CITY — American Skiing Co. said Tuesday it has started a tender offer and consent solicitation for its $120 million principal amount of 12 percent senior subordinated notes due in 2006.
The total consideration is $1,015.63 per $1,000 principal amount plus accrued but unpaid interest for the notes.
In conjunction with the tender offer, the company is soliciting the consent of holders of notes to eliminate substantially all of the restrictive covenants and certain events of default under the indenture for the notes.
An unidentified person owning nearly $61.7 million aggregate principal amount of notes has agreed to tender the notes.
American Skiing operates Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; and The Canyons in Utah.