Ryman Hospitality Properties, Inc. Announces Pricing of $350 Million of 5% Senior Notes Due 2021
March 27 2013 - 6:09PM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that certain of its subsidiaries priced the private
placement of $350 million aggregate principal amount of 5% senior
notes due 2021 (the “notes”), increased from the $300 million
proposed offering previously announced. The notes will be senior
unsecured obligations of the Company’s issuing subsidiaries and
will be guaranteed by the Company and all of the Company’s
subsidiaries that guarantee its senior credit facility. Subject to
customary closing conditions, the issuers expect the private
placement of the notes to close on April 3, 2013. The aggregate net
proceeds from the sale of the notes are expected to be
approximately $342 million, after deducting the initial purchasers’
discounts and commissions and estimated offering expenses. The
Company intends to use substantially all of the net proceeds of the
offering to repay amounts outstanding under its revolving credit
facility, and any balance will be used for general corporate
purposes, which may include the repayment of other
indebtedness.
The notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the “Securities Act”), and outside the United
States pursuant to Regulation S under the Securities Act. The notes
have not been registered under the Securities Act and will not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
Securities Act.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any securities, nor shall there be
any offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
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.
This press release contains “forward-looking statements”
regarding the proposed private placement and the Company’s intended
use of proceeds from such private placement. These forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the statements made.
Important factors that could cause actual results to differ are
described in the filings made from time to time by the Company with
the U.S. Securities and Exchange Commission and include 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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