Ryman Hospitality Properties, Inc. Announces Closing of Tack-On Offering of $200 Million of 4.750% Senior Notes Due 2027
October 08 2019 - 1:36PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that RHP Hotel Properties, LP (the “Operating
Partnership”) and RHP Finance Corporation (together with the
Operating Partnership, the “Issuers”), its indirect wholly owned
subsidiaries, completed the previously announced tack-on offering
of $200 million aggregate principal amount of 4.750% senior notes
due 2027 (the “additional notes”) in a private placement. The
Issuers’ previously issued $500 million aggregate principal amount
of 4.750% senior notes due 2027 (the “existing 2027 notes”) and the
additional 2027 notes constitute a single class of securities. The
additional 2027 notes are unsecured senior obligations of the
Issuers and are guaranteed by the Company and its subsidiaries that
guarantee the Company’s existing senior secured credit facility,
5.00% senior unsecured notes due 2021 (the “2021 notes”) that
remain outstanding following the completion of the Issuers’ tender
offer in September 2019 (which will be redeemed on October 21,
2019), 5.00% senior unsecured notes due 2023 and the existing 2027
notes. The aggregate net proceeds from the sale of the additional
notes are expected to be approximately $199.5 million, after
deducting the initial purchasers’ discount and commissions and
estimated offering expenses.
The additional notes were offered in the United States to
persons reasonably believed to be “qualified institutional buyers”
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and to non-U.S. persons outside the United
States pursuant to Regulation S under the Securities Act. The
additional notes were not registered under the Securities Act and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of
the Securities Act.
The Issuers intend to use substantially all of the net proceeds
from the offering to repay a portion of the amounts outstanding
under the Company’s revolving credit facility. Any remaining net
proceeds will be used for general corporate purposes.
This press release does not constitute an offer to buy nor a
solicitation of an offer to sell any securities of the Issuers, nor
will there be any offer or sale of any securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful.
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 8,114 rooms that are
managed by lodging operator Marriott International, Inc. under the
Gaylord Hotels brand. The Company is also a joint venture owner of
the 1,501-room Gaylord Rockies Resort & Convention Center,
which is also managed by 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, The Inn at
Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland
and AC Hotel Washington, DC at National Harbor, a 192-room hotel
near Gaylord National. The Company also owns and operates media and
entertainment assets, including the Grand Ole Opry (opry.com), the
legendary weekly showcase of country music’s finest performers for
over 90 years; the Ryman Auditorium, the storied former home of the
Grand Ole Opry located in downtown Nashville; 650 AM WSM, the
Opry’s radio home; and Ole Red, a country lifestyle and
entertainment brand.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements”
regarding the amount and the Company’s intended use of proceeds
from the completed private placement and the pending redemption of
the 2021 notes. These forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from the statements made. Important factors that could
cause actual results to differ are described in the filings made
from time to time by the Company with the U.S. Securities and
Exchange Commission and include the risk factors described in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018. 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 Contacts: |
Media Contacts: |
Mark Fioravanti, President & Chief Financial Officer |
Shannon Sullivan, Vice President Corporate and Brand
Communications |
Ryman Hospitality Properties, Inc. |
Ryman Hospitality Properties, Inc. |
615-316-6588 |
(615) 316-6725 |
mfioravanti@rymanhp.com |
ssullivan@rymanhp.com |
~or~ |
~or~ |
Todd Siefert, Vice President Corporate Finance & Treasurer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
615-316-6344 |
(929) 266-6315 |
tsiefert@rymanhp.com |
robert.winters@alpha-ir.com |
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