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Long-Term Debt (Schedule Of Debt Instruments) (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Jul. 31, 2012
Jul. 31, 2011
Jul. 31, 2010
Jul. 31, 2012
Credit Facility Revolver [Member]
Jul. 31, 2011
Credit Facility Revolver [Member]
Jul. 31, 2012
Industrial Development Bonds [Member]
Jul. 31, 2011
Industrial Development Bonds [Member]
Jul. 31, 2012
Employee Housing Bonds [Member]
Jul. 31, 2011
Employee Housing Bonds [Member]
Jul. 31, 2012
6.50% Notes [Member]
Jul. 31, 2011
6.50% Notes [Member]
Apr. 25, 2011
6.50% Notes [Member]
Apr. 25, 2011
6.75% Notes [Member]
Jul. 31, 2011
6.75% Notes [Member]
Jul. 31, 2012
6.75% Notes [Member]
Jul. 31, 2012
Other [Member]
Jul. 31, 2011
Other [Member]
Jul. 31, 2012
Eagle County Bonds [Member]
Industrial Development Bonds [Member]
Jul. 31, 2012
Colorado Water Conservation Board Note Outstanding [Member]
Other [Member]
Jul. 31, 2012
Breckenridge Terrace [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tarnes [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
BC Housing [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tenderfoot [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche A [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche A [Member]
Breckenridge Terrace [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche A [Member]
Tarnes [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche A [Member]
BC Housing [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche A [Member]
Tenderfoot [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche B [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche B [Member]
Breckenridge Terrace [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche B [Member]
Tarnes [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche B [Member]
BC Housing [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Tranche B [Member]
Tenderfoot [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Maximum [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Maximum [Member]
6.50% Notes [Member]
Jul. 31, 2012
Maximum [Member]
Other [Member]
Jul. 31, 2012
Maximum [Member]
Tranche A [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Minimum [Member]
Employee Housing Bonds [Member]
Jul. 31, 2012
Minimum [Member]
6.50% Notes [Member]
Jul. 31, 2012
Minimum [Member]
Other [Member]
Jul. 31, 2012
Minimum [Member]
Tranche A [Member]
Employee Housing Bonds [Member]
Total debt $ 490,765,000 $ 491,743,000   $ 0 $ 0 $ 41,200,000 [1] $ 41,200,000 [1] $ 52,575,000 [2] $ 52,575,000 [2] $ 390,000,000 [3] $ 390,000,000 [3]         $ 6,990,000 [4] $ 7,968,000 [4]     $ 19,980,000 $ 10,410,000 $ 10,600,000 $ 11,585,000 $ 37,780,000 $ 14,980,000 $ 8,000,000 $ 9,100,000 $ 5,700,000 $ 14,795,000 $ 5,000,000 $ 2,410,000 $ 1,500,000 $ 5,885,000                
Less: Current maturities 990,000 [5] 1,045,000 [5]                                                                              
Long-term debt 489,775,000 490,698,000       41,200,000 41,200,000     390,000,000 390,000,000                                                            
Fiscal year maturity       2016 [6],[7]   2020 [1],[6]       2019 [3],[6]                   2039 2039 2027 2035                                    
Fiscal year maturity, start                               Jul. 31, 2013                                           Jun. 01, 2027   Jul. 31, 2013  
Fiscal year maturity, end                               Jul. 31, 2029                                   May 01, 2039   Jul. 31, 2029          
Stated percentage in the debt instrument 6.50%                 6.50%         6.75%                                                    
Maximum borrowing capacity       400,000,000                                                                          
Reference for interest rate determination       LIBOR plus 1.25%                                       LIBOR plus 0% to 0.05%         LIBOR plus 0% to 0.05%                        
Basis spread on LIBOR rate       1.25%                                                                 0.05%       0.00%
Commitment fees under credit facility       0.25%                                                                          
Long-term debt, maturity date                   May 01, 2019               Aug. 01, 2019 Sep. 16, 2028                                            
Long term debt interest rate                   6.50%               6.95%                                   6.00% 0.30%     1.00% 0.25%
Issuance of 6.50% senior subordinated notes                       390,000,000                                                          
Premium on early redemption                                                                     4.875%       0.00%    
Purchase call price percentage (in dollars per unit)                         1.01125                                                        
Loss on extinguishment of debt 0 7,372,000 0                     7,372,000                                                      
Long-term debt, outstanding amount                                     5,600,000                                            
Capital lease obligations                               $ 1,400,000                                                  
[1] The Company has outstanding $41.2 million of industrial development bonds, which were issued by Eagle County, Colorado (the “Eagle County Bonds”) and mature, subject to prior redemption, on August 1, 2019. These bonds accrue interest at 6.95% per annum, with interest being payable semi-annually on February 1 and August 1. The promissory note with respect to the Eagle County Bonds between Eagle County and the Company is collateralized by the Forest Service permits for Vail and Beaver Creek.
[2] The Company has recorded for financial reporting purposes the outstanding debt of four Employee Housing Entities (each an “Employee Housing Entity” and collectively the “Employee Housing Entities”): Breckenridge Terrace, Tarnes, BC Housing and Tenderfoot. The proceeds of the Employee Housing Bonds were used to develop apartment complexes designated primarily for use by the Company’s seasonal employees at its mountain resorts. The Employee Housing Bonds are variable rate, interest-only instruments with interest rates tied to LIBOR plus 0% to 0.05% (0.25% to 0.30% as of July 31, 2012).Interest on the Employee Housing Bonds is paid monthly in arrears and the interest rate is adjusted weekly. No principal payments are due on the Employee Housing Bonds until maturity. Each Employee Housing Entity’s bonds were issued in two series. The bonds for each Employee Housing Entity are backed by letters of credit issued under the Credit Facility. The table below presents the principal amounts outstanding for the Employee Housing Bonds as of July 31, 2012 (in thousands): Maturity (a)Tranche ATranche BTotalBreckenridge Terrace2039$14,980$5,000$19,980Tarnes20398,0002,41010,410BC Housing20279,1001,50010,600Tenderfoot20355,7005,88511,585Total $37,780$14,795$52,575
[3] On April 25, 2011, the Company completed a private offering for $390 million of 6.50% Notes the proceeds of which, along with available cash resources, were used to purchase the outstanding $390 million principal amount of the 6.75% Notes Senior Subordinated Notes ("6.75% Notes") and pay related premiums, fees and expenses. The 6.50% Notes have a fixed annual interest rate of 6.50% and will mature May 1, 2019 with no principal payments due until maturity. The Company has certain early redemption options under the terms of the 6.50% Notes. The premium for early redemption of the 6.50% Notes ranges from 4.875% to 0%, depending on the date of redemption. The 6.50% Notes are subordinated to certain of the Company’s debts, including the Credit Agreement, and will be subordinated to certain of the Company’s future debts. The Company’s payment obligations under the 6.50% Notes are jointly and severally guaranteed by substantially all of the Company’s current and future domestic subsidiaries. The indenture governing the 6.50% Notes contains restrictive covenants, which, among other things, limit the ability of Vail Resorts and its Restricted Subsidiaries (as defined in the Indenture) to (i) borrow money or sell preferred stock, (ii) create liens, (iii) pay dividends on or redeem or repurchase stock, (iv) make certain types of investments, (v) sell stock in the Restricted Subsidiaries, (vi) create restrictions on the ability of the Restricted Subsidiaries to pay dividends or make other payments to the Parent Company, (vii) enter into transactions with affiliates, (viii) issue guarantees of debt and (ix) sell assets or merge with other companies. Pursuant to the registration rights agreement executed as part of the offering of the 6.50% Notes, the Company agreed to file a registration statement for an exchange offer registered under the Securities Act of 1933. The registration statement was declared effective on November 16, 2011, and on November 17, 2011, the Company commenced its offer to exchange up to $390.0 million principal amount of newly issued 6.50% Notes, registered under the Securities Act of 1933, for a like principal amount of its outstanding privately placed 6.50% Notes. The exchange offer expired on December 16, 2011 and all of the 6.50% Notes were tendered and exchanged for the new substantially identical registered notes. During the year ended July 31, 2011, the Company purchased the 6.75% Notes for a call price of 101.125% of the principal balance due to the early redemption. A loss on extinguishment of debt in the amount of $7.4 million was recorded during the year ended July 31, 2011 in connection with the transaction. The 6.75% Notes were completely extinguished as of July 31, 2011.
[4] Other obligations primarily consist of a $5.6 million note outstanding to the Colorado Water Conservation Board, which matures on September 16, 2028, and capital leases totaling $1.4 million. Other obligations, including the Colorado Water Conservation Board note and the capital leases, bear interest at rates ranging from 1.0% to 6.0% and have maturities ranging from in the year ending July 31, 2013 to the year ending July 31, 2029.
[5] Current maturities represent principal payments due in the next 12 months.Aggregate maturities for debt outstanding as of July 31, 2012 reflected by fiscal year are as follows (in thousands): Total2013$9902014532201553520162442017257Thereafter488,207Total debt$490,765
[6] Maturities are based on the Company’s July 31 fiscal year end.
[7] On January 25, 2011, The Vail Corporation (the “Vail Corp”), a wholly-owned subsidiary of the Company, amended and restated its senior credit facility (the “Credit Facility”). Key modifications to the Credit Facility included, among other things, the extension of the maturity on the revolving credit facility from February 2012 to January 2016; increased grid pricing for interest rate margins (as of July 31, 2012, under the Credit Facility, at LIBOR plus 1.25%) and commitment fees (as of July 31, 2012, under the Credit Facility, at 0.25%); the expansion of baskets related to the Company’s ability to incur debt and make acquisitions, investments and distributions; and the elimination of certain financial covenants.The Credit Facility is governed by the Fifth Amended and Restated Credit Agreement (“Credit Agreement”) between Vail Corp, Bank of America, N.A., as administrative agent, U.S. Bank National Association and Wells Fargo Bank, National Association as co-syndication agents, JPMorgan Chase Bank, N.A. and Deutsche Bank Securities Inc. as Co-Documentation Agents and the Lenders party thereto, and consists of a $400 million revolving credit facility. The Company’s obligations under the Credit Agreement are guaranteed by the Company and certain of its subsidiaries and are collateralized by a pledge of all of the capital stock of the Company and substantially all of its subsidiaries. The proceeds of loans made under the Credit Agreement may be used to fund the Company’s working capital needs, capital expenditures, acquisitions, investments and other general corporate purposes, including the issuance of letters of credit. The Credit Agreement matures January 25, 2016. Borrowings under the Credit Agreement bear interest annually at a rate of (i) LIBOR plus a margin or (ii) the Agent’s prime lending rate. Interest rate margins may fluctuate based upon the ratio of the Company’s Net Funded Debt to Adjusted EBITDA (as such terms are defined in the Credit Agreement) on a trailing four-quarter basis. The Credit Agreement also includes a quarterly unused commitment fee, which is equal to a percentage determined by the Net Funded Debt to Adjusted EBITDA ratio, times the daily amount by which the Credit Agreement commitment exceeds the total of outstanding loans and outstanding letters of credit. The unused amounts are accessible to the extent that the Net Funded Debt to Adjusted EBITDA ratio does not exceed the maximum ratio allowed at quarter-ends and the Adjusted EBITDA to interest on Funded Debt (as defined in the Credit Agreement) ratio does not fall below the minimum ratio allowed at quarter-ends. The Credit Agreement provides for affirmative and negative covenants that restrict, among other things, the Company’s ability to incur indebtedness, dispose of assets, make capital expenditures, make distributions and make investments. In addition, the Credit Agreement includes the following restrictive financial covenants: Net Funded Debt to Adjusted EBITDA ratio and Adjusted EBITDA to interest on Funded Debt ratio.On April 13, 2011, Vail Corp entered into the First Amendment (the “First Amendment”) to its Credit Agreement. The First Amendment amended certain of the negative covenants in the Credit Agreement, including providing for increased capacity for investments in similar businesses, increased capacity for debt incurrence, and permitting distributions of the proceeds of sales of certain real estate developments. The First Amendment became effective upon the closing of the 6.50% Notes on April 25, 2011.