Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend, Related Adjustment to Conversion Rate of 3.75% Convertibl...
September 16 2013 - 8:30AM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE:RHP) today announced
that its Board of Directors declared a cash dividend of $0.50 per
share of common stock payable on October 15, 2013 to stockholders
of record on September 27, 2013. It is the Company’s current plan
to distribute total annual dividends of approximately $2.00 per
share in cash in equal quarterly payments in April, July, October,
and January, subject to the board’s future determinations as to the
amount of quarterly distributions and the timing thereof.
As a result of the declaration of the dividend, effective
immediately after the close of business on September 25, 2013, the
conversion rate of the Company’s outstanding 3.75 percent
convertible notes due 2014 will adjust from a conversion rate of
45.5431 per $1,000 principal amount of notes, which is equivalent
to a conversion price of $21.96, to a conversion rate of 46.2165,
which is equivalent to a conversion price of $21.64. Pursuant to
customary anti-dilution adjustments, effective immediately after
the close of business on September 25, 2013, the strike price of
our call options related to the convertible notes will be adjusted
to $21.64 per share of common stock and the exercise price of the
common stock warrants we issued will be adjusted in a similar
manner.
About Ryman Hospitality Properties,
Inc.:
Ryman Hospitality Properties, Inc. (NYSE:RHP), is a REIT 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 statements as to the Company’s
beliefs and expectations of the outcome of future events that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Examples of these statements include, but are not limited
to, statements regarding the expected approach to making dividend
payments, the board’s ability to alter the dividend policy at any
time, and other business or operational issues. These
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
associated with economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
effect of the Company’s election to be taxed as a REIT for federal
income tax purposes effective for the year ending December 31,
2013, the Company’s ability to remain qualified as a REIT, the
Company’s ability to execute its strategic goals as a REIT, the
effects of business disruption related to the Marriott management
transition and the REIT conversion, the Company’s ability to
realize cost savings and revenue enhancements from the REIT
conversion and the Marriott transaction, the Company’s ability to
generate cash flows to support dividends, future board
determinations regarding the timing and amount of dividends and
changes to the dividend policy, which could be made at any time,
the determination of Adjusted Funds from Operations and REIT
taxable income, and the Company’s ability to borrow funds pursuant
to its credit agreements and to refinance indebtedness. Other
factors that could cause operating and financial results to differ
are described in the filings made from time to time by the Company
with the U.S. Securities and Exchange Commission (SEC) and include
the risk factors described in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2012 and our Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2013
and June 30, 2013. 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 Proper... (NYSE:RHP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Jul 2023 to Jul 2024