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American Skiing to buy back $43 million of junior subordinated notes
By Angela McDaniels
Seattle, April 10 - American Skiing Co. plans to repay $42.948 million of its $76.7 million junior subordinated notes due 2012, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.
The company will fund the repurchase with a portion of the $65.911 million cash proceeds it received from the sale of Mount Snow, Ltd. and LBO Holding Inc. to Peak Resorts Inc.
The Park City, Utah, operator of alpine ski, snowboard and golf resorts said it used some of the proceeds to repurchase all of its $22.338 million outstanding 11.3025% convertible subordinated notes due 2012 at par on April 4.
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