Ryman Hospitality Properties, Inc. Repurchases $54,742,000 in Principal Amount of 3.75% Convertible Senior Notes
July 02 2013 - 8:30AM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that it has recently repurchased in private
transactions $54,742,000 principal amount of its 3.75% convertible
senior notes due 2014, which will be cancelled, and is processing
the settlement of $1,200,000 principal amount of the convertible
notes that were converted by a holder. After these transactions,
$304,058,000 in principal amount of the notes will remain
outstanding.
The repurchases were made for aggregate consideration of
$98,558,163, funded by draws under the Company’s revolving credit
facility and cash on hand.
In connection with the repurchase of notes, the Company
proportionately adjusted the number of options underlying the bond
hedge transaction related to the convertible notes. In addition,
the number of warrants outstanding will be reduced to approximately
13.9 million. In consideration for these adjustments, the
counterparties to the call spread transactions will pay the Company
157,886 shares of the Company’s common stock.
Information concerning the dilution resulting from the
convertible notes may be made available from time to time on the
Company’s website, www.rymanhp.com, under the “Investor Toolkit”
section of the Investor Relations page.
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. 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 and its Quarterly Reports on Form 10-Q. 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.
Ryman Hospitality Properties, Inc.Investor Relations:Mark
Fioravanti, 615-316-6588Executive Vice President and Chief
Financial Officermfioravanti@rymanhp.comorTodd Siefert,
615-316-6344Vice President of Corporate Finance &
Treasurertsiefert@rymanhp.comorMedia:Brian Abrahamson,
615-316-6302Vice President of Corporate
Communicationsbabrahamson@rymanhp.comorSloane & CompanyJosh
Hochberg, 212-446-1892jhochberg@sloanepr.comorDan Zacchei,
212-446-1882dzacchei@sloanepr.com
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