July 21, 2017 11:32 PM ET

Hotels, Restaurants and Leisure

Company Overview of L.B.O. Holding, Inc.

Company Overview

L.B.O. Holding, Inc., doing business as Attitash Resort, offers alpine slides, waterslides, trails for skiing and riding, and lift-serviced mountain biking services. It also provides horseback rides, climbing wall, eurobungy trampoline, the scenic sky ride, driving range, and skate park. The company is based in Bartlett, New Hampshire. L.B.O. Holding, Inc. was formerly a subsidiary of American Skiing Co. As of April 4, 2007, L.B.O. Holding, Inc. is a subsidiary of Peak Resorts, Inc.

Route 302

Bartlett, NH 03812

United States

Phone:

603-374-2368

Key Executives for L.B.O. Holding, Inc.

Managing Director
Managing Director
Age: 61
Director of Sales - Grand Summit Hotel
Director of Abilityplus Program
Compensation as of Fiscal Year 2017.

L.B.O. Holding, Inc. Key Developments

Peak Resorts, Inc, Hidden Valley Golf and Ski, Inc., Paoli Peaks, Inc., Snow Creek, Inc., LBO Holding, Inc. and SNH Development, Inc. Enters into A $20.00 Million Credit Facility Agreement with Royal Banks of Missouri

Peak Resorts, Inc, together with its subsidiaries Hidden Valley Golf and Ski, Inc., Paoli Peaks, Inc., Snow Creek, Inc., LBO Holding, Inc. and SNH Development, Inc., as borrowers entered into a $20.00 million Credit Facility, Loan and Security Agreement with Royal Banks of Missouri, as lender. This Note is subject to those terms and conditions set in that certain Credit Facility, Loan and Security Agreement between Borrowers and Bank dated December 22, 2015, as amended from time to time (the Loan Agreement), except for any provisions therein related to renewal or conversion of the Note, as set in the Loan Agreement. Interest on the unpaid principal balance of this Note shall be calculated based on the following annual rate 6.00% per annum Interest will be calculated based on a year assumed to have 360 days, and then applied to the actual number of days that any amount is outstanding hereunder. This method of interest calculation will result in a higher effective annual interest rate than the Stated Rate. Without regard to the foregoing, in no event shall the rate of interest exceed the maximum amount permitted by applicable law. Payment Interest only shall be due and payable monthly, in arrears, commencing thirty days following the date of the advance under the Note and continuing on the same day of each calendar month thereafter. The balance of principal and accrued interest is payable without further notice or demand on the Maturity Date. The scheduled payments will not be sufficient to pay the principal amount of the Note by the Maturity Date and a final balloon payment will be required.

Peak Resorts, Inc. Hidden Valley Golf and Ski, Inc., Paoli Peaks, Inc., Snow Creek, Inc., Lbo Holding, Inc. and Snh Development, Inc. Enter Credit Facility, Loan and Security Agreement

On December 22, 2015, Peak Resorts, Inc. (the Company), together with its subsidiaries Hidden Valley Golf and Ski, Inc., Paoli Peaks, Inc., Snow Creek, Inc., LBO Holding, Inc. and SNH Development, Inc., as borrowers (together, the Subsidiaries and collectively with the Company, the Borrowers), entered into the Credit Facility, Loan and Security Agreement (the Credit Agreement) with Royal Banks of Missouri, as lender (the Lender). The Credit Agreement provides for a 12-month line of credit for up to $20 million to be used for acquisition purposes and working capital of up to 5.0% of the acquisition purchase price. In addition, the Borrowers have the ability to extend the line of credit for up to an additional 12-month period upon the satisfaction of certain conditions. In connection with entry into the Credit Agreement, the Borrowers executed a Promissory Note (the Note and together with the Credit Agreement, the Loan Documents) in favor of the Lender in the principal amount of $20 million, maturing on December 22, 2016 (the Maturity Date). The terms of the Loan Documents provide that interest on the outstanding principal amount of the Note shall be charged at the prime rate plus 1.0%, provided that past due amounts shall be subject to higher interest rates and late charges. The debt evidenced by the Loan Documents is secured by the assets of each of the Subsidiaries. The Credit Agreement includes restrictions or limitations on certain transactions, including mergers, acquisitions, leases, asset sales, loans to third parties, and the incurrence of certain additional debt and liens. Financial covenants set forth in the Credit Agreement consist of a maximum leverage ratio (as defined in the Credit Agreement) of 65%, above which Borrowers are prohibited from incurring additional indebtedness, and a debt service coverage ratio (as defined in the Credit Agreement) of 1:25 to 1 on a fiscal year basis. Borrowers must also maintain a consolidated fixed charge coverage ratio (as defined in the Master Credit and Security Agreement among the Company and certain of its subsidiaries, as borrowers, and EPT Ski Properties, Inc. and EPT Mount Snow, Inc., as lenders, dated as of December 1, 2014) which requires the Company to increase the balance of its debt service reserve account if the Company's consolidated fixed charge coverage ratio falls below 1.50:1.00 and prohibits the Company from paying dividends if the ratio is below 1.25:1.00. The payment of dividends is also prohibited during potential default or default situations. If the outstanding debt under the Note is not paid in full by the Maturity Date, and the Borrowers are otherwise is full compliance with the terms and conditions of the Loan Documents, the Borrowers may elect to convert the outstanding debt under the Note to a three-year term loan, subject to an additional extension, with principal payments amortized over a 20-year period bearing interest the prime rate plus 1.0% per annum. Except in the case of a default, the Borrowers may prepay all or any portion of the outstanding debt under the Note and all accrued and unpaid interest due prior to the Maturity Date without prepayment penalty. In the case of a default, the outstanding balance due on the Note shall, at the Lenders option, bear interest at the rate of 5.0% per annum in excess of the interest rate otherwise payable thereon, which interest shall be payable on demand. Under the terms of the Credit Agreement, the occurrence of a change of control is an event of default. A change of control will be deemed to occur if (i) for so long as debt is outstanding under the Note and such individuals are employed by the Company, the Company's key shareholders (Messrs. Timothy Boyd, Stephen Mueller and Richard Deutsch) cease to beneficially own and control less than 50% of the amount of the Company's outstanding voting stock that they own as of the effective date of the Credit Agreement, or (ii) the Company ceases to beneficially own and control less than all of the outstanding shares of voting stock of the Subsidiaries. Other events of default include, but are not limited to, a default on other indebtedness of the Company or its subsidiaries.

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