Ryman Hospitality Properties, Inc. Declares Fourth Quarter Dividend, Related Adjustment to Conversion Rate of 3.75% Convertib...
December 05 2013 - 4:20PM
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 January 15, 2014 to stockholders
of record on December 27, 2013.
As a result of the declaration of the dividend, effective
immediately after the close of business on December 24, 2013, the
conversion rate of the Company’s outstanding 3.75 percent
convertible notes due 2014 will adjust from a conversion rate of
46.2165 per $1,000 principal amount of notes, which is equivalent
to a conversion price of $21.64, to a conversion rate of 46.7774,
which is equivalent to a conversion price of $21.38. Pursuant to
customary anti-dilution adjustments, effective immediately after
the close of business on December 24, 2013, the strike price of our
call options related to the convertible notes will be adjusted to
$21.38 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 dividend payments. 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, June 30, 2013 and September
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.
Investor Relations:Ryman Hospitality Properties, Inc.Mark
Fioravanti, 615-316-6588Executive Vice President and Chief
Financial Officermfioravanti@rymanhp.comorRyman Hospitality
Properties, Inc.Todd Siefert, 615-316-6344Vice President of
Corporate Finance &
Treasurertsiefert@rymanhp.comorMedia:Ryman Hospitality
Properties, Inc.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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