Boyne Resorts Announces Expiration of Cash Tender Offer for Any and All of Its 7.250% Senior Secured Second Lien Notes due 2025

April 22, 2021 1:15 PM EDT

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BOYNE FALLS, Mich., April 22, 2021 /PRNewswire/ -- Boyne USA, Inc. (the "Company") announced today that its previously announced cash tender offer to purchase any and all of its 7.250% Senior Secured Second Lien Notes due 2025 (the "notes") expired at 5:00 p.m., New York City time, on April 21, 2021 (the "Expiration Time"). As of the Expiration Time, $290,635,000 aggregate principal amount of notes (50.11%) were validly tendered and not validly withdrawn. The Company expects to accept for payment all notes validly tendered and not validly withdrawn in the tender offer and expects to make payment for such notes on April 26, 2021. The Company also expects to redeem all notes that are not purchased in the tender offer on May 17, 2021.

Wells Fargo Securities, LLC acted as dealer manager. Persons with questions regarding the tender offer should contact Wells Fargo Securities, LLC at (704) 410-4756 (collect) or (866) 309-6316 (toll-free), or the information agent and tender agent, D.F. King & Co., Inc., at (877) 361-7972 (toll-free) or for banks and brokers, at (212) 269-5550 (Banks and Brokers only), by e-mail at boyne@dfking.com or at the following web address: www.dfking.com/boyne.

This press release is for informational purposes only, is not an offer to purchase or a solicitation of an offer to sell any securities and does not constitute a notice of redemption for any securities.

About Boyne Resorts

Boyne Resorts, founded in 1947 by Everett Kircher, is one of the largest mountain resort companies in North America by total skier visits. A Michigan-based corporation, Boyne Resorts owns and operates award-winning mountain and golf resorts and attractions throughout the United States and Canada including Cypress Mountain near Vancouver, B.C., official freestyle skiing and snowboard venue of the 2010 Olympic Winter Games; Sugarloaf and Sunday River Resort in Maine; Boyne Mountain, Boyne Highlands, Inn at Bay Harbor – Autograph Collection resorts and Avalanche Bay Indoor Waterpark in Michigan; Big Sky Resort in Montana; Loon Mountain Resort in New Hampshire; Gatlinburg SkyLift Park in Tennessee; Brighton Resort in Utah; and The Summit at Snoqualmie in Washington.

Forward-looking Statements

This press release contains forward-looking statements, including, but not limited to, statements regarding the Company's expectations to accept for payment all notes tendered and not validly withdrawn in the tender offer and to redeem subsequently the remaining notes and other statements contained in this press release that are not historical facts. These forward-looking statements were made as of the time and date of this press release and were based on then-current expectations as well as the beliefs and assumptions of management. Words such as "expect," "intend," "will" and variations of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially, including (i) the risk that the Company is unable to close its offering of $540 million aggregate principal amount of 4.750% Senior Notes due 2029 on April 26, 2021 (the "Concurrent Financing"), (ii) the risk that the Company is unable to purchase notes in the tender offer because it is unable to close the Concurrent Financing or for any other reason and (iii) the impact of general economic, industry or political conditions (including the novel coronavirus (COVID-19)). The Company undertakes no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.

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SOURCE Boyne Resorts



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