Ryman Hospitality Properties, Inc.’s 3.75% Senior Notes Remain Convertible
April 01 2013 - 8:30AM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that its 3.75% Convertible Senior Notes due October
1, 2014 remain convertible at the option of the holders through
June 28, 2013, the last business day of the current fiscal quarter.
The company issued the notes in September 2009.
The notes remain convertible because the last reported sale
price of the company’s common stock for at least 20 trading days
during the 30 consecutive trading-day period ending on March 31,
2013, was greater than 120 percent of the conversion price in
effect on such day.
The company will deliver shares of its common stock or pay cash
upon conversion of any notes surrendered through June 28, 2013. If
shares are delivered, cash will be paid in lieu of fractional
shares only. The notes are currently convertible at a rate of
44.9815 shares of common stock per $1,000 principal amount of
notes, which is equal to a conversion price of $22.23 per
share.
There is approximately $360 million in aggregate principal
amount of notes outstanding.
If all outstanding notes are surrendered for conversion and the
company elects to deliver shares of its common stock, the aggregate
number of shares of common stock issued would be approximately 16.2
million. The notes could be convertible after June 28, 2013, if the
sale price condition described above is met in any future fiscal
quarter or if any of the other conditions to conversion set forth
in the indenture governing the notes are met.
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 expectations, future 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 form and timing of payments of
the Company in connection with notes surrendered and other
statements concerning the convertibility of the notes in the
future. 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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