Ryman Hospitality Properties, Inc. Announces $400 Million Term Loan B
June 18 2014 - 4:56PM
Business Wire
Ryman Hospitality Properties, Inc. (NYSE:RHP) (the “Company”)
announced today it has added an additional senior secured $400
million term loan (the “Term Loan B”) to its existing credit
agreement. The new term loan matures in January 2021.
The Term Loan B was fully drawn at closing and bears interest at
a rate equal to LIBOR plus a 3.00 percent applicable margin,
subject to a LIBOR floor of 0.75 percent. The Term Loan B is
secured by (i) a first mortgage lien on the real property of each
of the Company’s Gaylord Hotels properties, (ii) pledges of the
equity interests in the subsidiaries of the Company that own the
Gaylord Hotels properties, (iii) the personal property of the
Company, the Company’s operating partnership and the guarantors of
the Term Loan B, and (iv) all proceeds and products from the
Company’s Gaylord Hotels properties. The lead arranger for the Term
Loan B was Deutsche Bank Securities Inc. The joint bookrunners for
the Term Loan B were Deutsche Bank Securities Inc., Wells Fargo
Securities LLC, J.P. Morgan Securities, LLC, U.S. Bank, National
Association and Merrill Lynch, Pierce, Fenner & Smith
Incorporated.
The proceeds received from the Term Loan B may be used, as the
Company may determine, to repay revolving loans under the Company’s
existing credit facility and to repay the Company’s outstanding
3.75% convertible notes or to settle, in whole or in part, the
warrant transactions entered into in connection with the issuance
of the 3.75% convertible notes.
“We are pleased to have completed the addition of the new term
loan to our credit facility,” said Colin Reed, chairman, president
and chief executive officer for Ryman Hospitality Properties, Inc.
“The new term loan was well received by lenders and the favorable
pricing and terms of the facility are a signal of the confidence in
our strategy and recognition of the value of our assets.”
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. An example of these
statements is the use of the proceeds of the Term Loan
B. 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, 2013 and subsequent 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.
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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