Become a Member

Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.

Already have an account? Sign In

Become a Member

Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.

Already have an account? Sign In

Brands

Uncategorized

American Skiing Company Secures New Real Estate Financing

News

Get full access to Outside Learn, our online education hub featuring in-depth fitness, nutrition, and adventure courses and more than 2,000 instructional videos when you sign up for Outside+ Sign up for Outside+ today.

Newry, ME, Aug. 2–American Skiing Company (NYSE: SKI) announced today the syndication and closing of a $75 million financing for its real estate development subsidiary, American Skiing Company Resort Properties, Inc.

The financing includes a syndicated facility which was increased in principal amount to $73 million from the previous $58 million facility. The agent for the facility remains Fleet National Bank.

It was just over a year ago that ASC closed an investment deal with OakHill Capital Partners which saw this Texas-based organization gain a 48.5 percent stake in the company on a fully diluted basis. Oak Hill is heavily involved in the new real estate financing, purchasing $13 million of the total. ASC also expects to issue warrants to Oak Hill for approximately six million shares of ASC stock with an exercise price of $2.50 per share.

Purchase price of the warrants will be $2 million.