Pursuit increases revolving credit facility by $100 million

DENVER - Pursuit Attractions and Hospitality, Inc. (NYSE:PRSU), a $1.01 billion market cap hospitality company, announced Wednesday it has amended its 2025 Credit Facility to increase its revolving credit facility borrowing capacity by $100 million to a total of $300 million. The company also extended the term by approximately nine months to September 25, 2030.

According to the press release statement, the amended credit agreement includes several additional modifications. The maximum net leverage ratio has been increased to 3.0x from 2.5x, and the additional 10 basis point credit spread adjustment on SOFR borrowings has been removed. The company’s recently acquired Tabacón Thermal Resort & Spa has been added as a co-borrower.

Bank of America led the credit facility amendment, with participation from BMO, KeyBank National Association, and Truist Bank.

Pursuit’s President and Chief Executive Officer David Barry stated that the upsized revolving credit facility enhances the company’s financial flexibility, allowing for accelerated execution of its "Refresh, Build, Buy strategy."

Pursuit Attractions and Hospitality operates a portfolio of attractions and hospitality experiences across the United States, Canada, Iceland, and Costa Rica. The company’s assets include 17 point-of-interest attractions and 29 lodges, along with integrated restaurants, retail and transportation services in national parks and global travel destinations.

In other recent news, Pursuit Attractions and Hospitality, Inc. announced the acquisition of the remaining 20% stake in its Glacier Park, Inc. subsidiary for $13 million, eliminating a $19 million noncontrolling interest liability from its balance sheet. Additionally, the company has expanded its international footprint by acquiring the Tabacón Thermal Resort & Spa in Costa Rica, marking its entry into a fourth country. This strategic move enhances Pursuit’s year-round destination offerings, complementing its North American portfolio.

In terms of financial outlook, Oppenheimer has increased its price target for Pursuit to $45, citing better-than-expected second-quarter 2025 results and fiscal year guidance. Stifel also reiterated its Buy rating and set a $38 price target, pointing to strong demand drivers for the upcoming peak season. This enthusiasm follows extensive meetings with Pursuit’s management, emphasizing the company’s robust revenue streams, particularly from its Banff-Jasper collection. These developments reflect Pursuit’s ongoing growth and strategic positioning in the attractions and hospitality sector.

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