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EX-99.1 - EX-99.1 - Peak Resorts Incskis-20151215ex991cd4023.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): December 15, 2015

PEAK RESORTS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Missouri

 

001-35363

 

43-1793922

(State or other jurisdiction of

 

(Commission

 

(I.R.S. Employer

incorporation)

 

File Number)

 

Identification No.)

 

 

 

 

 

 

17409 Hidden Valley Drive

 

 

Wildwood, Missouri

 

63025

(Address of principal executive offices)

 

(Zip Code)

 

(636) 938-7474

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act.

Soliciting material pursuant to Rule 14a-12 under the Exchange Act.

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.



 

Item 2.02. Results of Operations and Financial Condition.

On December 15, 2015, Peak Resorts, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended October 31, 2015. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 2.02 by reference. The information contained in the website is not a part of this Current Report on Form 8-K.

The information under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 8.01.Other Events.

As previously disclosed, the Company’s fourth-quarter 2015 interest expense on its post-restructuring debt level was approximately $2.6 million. Management indicated that the run rate for quarterly interest expense was expected to remain near that level going forward. 

The pending acquisition of Hunter Mountain is expected to increase the Company’s outstanding debt by approximately $35 million to $138 million. Assuming a hypothetical blended rate of 6.5 percent to 7.0 percent for the new debt, the run rate for quarterly interest expense would rise to approximately $3.3 million to $3.4 million after the transaction closes. 

Based on the hypothetical blended rate for the new debt, after the transaction closes, the Company’s overall blended interest rate is expected to decline to approximately 9.6 percent to 9.7 percent from the present 10.6 percent level.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

 

 

Exhibit No.

 

Description of Exhibit

99.1

 

Press Release of Peak Resorts, Inc. dated December 15, 2015.

 

 

 

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Dated: December 15, 2015

 

 

 

 

PEAK RESORTS, INC.
(Registrant)

 

 

 

 

 

By:

/s/ Stephen J. Mueller

 

Name:

Stephen J. Mueller

 

Title:

Chief Financial Officer

 

 

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