Ryman Hospitality Properties Announces Conversion Rate Adjustment for Convertible Notes in Connection with Quarterly Dividend
March 26 2013 - 8:30AM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that, effective immediately after the close of
business on March 26, 2013, the conversion rate of the Company’s
outstanding 3.75 percent convertible notes due 2014 will adjust
from a conversion rate of 44.4492 per $1,000 principal amount of
notes, which is equivalent to a conversion price of $22.50 per
share, to 44.9815 per $1,000 principal amount of notes, which is
equivalent to a conversion price of $22.23.
Pursuant to customary anti-dilution adjustments, effective
immediately after the close of business on March 26, 2013, the
strike price of our call options related to the convertible notes
will be adjusted to $22.23 per share of common stock and the
exercise price of the common stock warrants we issued will be
adjusted in a similar manner.
The conversion rate for the notes is adjusted in connection with
the Company’s declaration on February 14, 2013, of a cash dividend
of $0.50 per share of our common stock to be paid on April 12,
2013, to stockholders of record on March 28, 2013, resulting in an
ex-dividend date of March 26, 2013.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP), is a real estate
investment trust for federal income tax purposes, specializing in
group-oriented, destination hotel assets in urban and resort
markets. The Company’s owned assets include a network of four
upscale, meetings-focused resorts totaling 7,795 rooms that are
managed by world-class lodging operator Marriott International,
Inc. under the Gaylord Hotels brand. Other owned assets managed by
Marriott International, Inc. include Gaylord Springs Golf Links,
the Wildhorse Saloon, the General Jackson Showboat and the Inn at
Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland.
The Company also owns and operates a number of media and
entertainment assets, including the Grand Ole Opry (opry.com), the
legendary weekly showcase of country music’s finest performers for
nearly 90 years; the Ryman Auditorium, the storied former home of
the Grand Ole Opry located in downtown Nashville; and WSM-AM, the
Opry’s radio home. For additional information about Ryman
Hospitality Properties, visit www.rymanhp.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking statements”
concerning the Company’s goals, beliefs, expectations, strategies,
objectives, plans, future operating results and underlying
assumptions, and other statements that are not necessarily based on
historical facts. Examples of these statements include, but are not
limited to, the amount and timing of payment of the dividend and
the effect of the declaration of dividends on the notes and the
related options and warrants. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from the statements made. These include the
risks and uncertainties described in the filings made from time to
time by the Company with the U.S. Securities and Exchange
Commission, including the risk factors described in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2012. The Company does not undertake any obligation to release
publicly any revisions to forward-looking statements made by it to
reflect events or circumstances occurring after the date hereof or
the occurrence of unanticipated events.
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