Boyne USA pitches $100M of add-on 4.75% senior notes due 2029

Boyne USA Inc. has announced a $100 million add-on to its existing 4.75% senior notes due May 15, 2029. Pricing will follow an 11 a.m. investor call today via sole bookrunner Wells Fargo, according to market sources.

Proceeds of the tack-on paper will be used to support general corporate purposes and working capital purposes.

The initial $540 million issue of the notes priced at par in April 2021. According to S&P Global Market Intelligence, the bonds closed the session on Feb. 1 at 100.75% of par, yielding 4.55%. The paper will first become callable at par plus 50% of the coupon on May 15, 2024. It includes an up-to-35% equity claw at 104.75% during the non-call period and a change-of-control put at 101%. Existing unsecured debt ratings are B/B1.

Boyne is one of the largest owners and operators of mountain resorts in North America, based on total skier visits. For the nine months ended Sept. 30, 2021, the company generated $357.9 million in revenue, and logged net income and adjusted EBITDA of $8.3 million, and $98.7 million, respectively.