STEAMBOAT SPRINGS, Colo. – American Skiing Co. refinanced $84.3 million in debt with terms that may improve the potential for capital investments at its resorts, including the Steamboat ski area.

The company closed on its new $91.5 million senior secured credit facility on Feb. 14. It includes three separate pieces and replaces an $84.3 million loan formerly held by Fleet. Both the old loan and the new loan are secured by nearly all of American Skiing’s resort assets, company officials said.

The company also said it would release overdue quarterly earnings reports within 10 working days. The reports are from the end of fiscal 2002 and the first quarter of fiscal 2003.

The bottom line for fiscal 2002 will be lowered by writedowns due to poor performance by its real estate operations, officials said.

Company CEO B.J. Fair said the debt refinancing is a major step in the restructuring of the company.

The new loan offers a lower interest rate and extends the amortization of the principal until June 15, 2006. It also loosens constraints on American Skiing’s freedom to reinvest revenue in its ski resorts, including Killington, Vt., The Canyons, Utah, and Steamboat.

“The old facility had a strict limit on how much capital we could reinvest,” company spokesman Eric Preusse said. “There is still a limit under the new facility, but if we exceed our financial goals, we get to invest more.”