RYMAN HOSPITALITY PROPERTIES, INC. DRAWS FROM REVOLVING LINE OF CREDIT, SUSPENDS FUTURE DIVIDENDS
March 17 2020 - 4:53PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
today announced that today it completed a $400 million draw from
its existing $700 million revolving line of credit as a precaution
to ensure funds are available to meet its obligations for a
sustained period of time. When combined with the approximately $285
million of cash on hand referenced in the press release dated March
15, 2020, the Company has approximately $685 million of cash and
$300 million of remaining availability on its credit facility, the
full amount of which is available for borrowing at any time, for
total liquidity of $985 million.
The Company’s first quarter 2020 dividend, which was
specifically authorized by the Company’s Board on February 25,
2020, in the amount of $0.95 per common share will be paid on April
15, 2020 to stockholders of record on March 31, 2020. The company
expects to suspend its dividend through the balance of the year
until an appropriate year-end dividend can be determined by its
Board of Directors.
About Ryman Hospitality Properties,
Inc.
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading
lodging and hospitality real estate investment trust that
specializes in upscale convention center resorts and country music
entertainment experiences. The Company’s core holdings* include a
network of five of the top 10 largest non-gaming convention center
hotels in the United States based on total indoor meeting space.
These convention center resorts operate under the Gaylord Hotels
brand and are managed by Marriott International. The Company also
owns two adjacent ancillary hotels and a small number of
attractions managed by Marriott International for a combined total
of 10,110 rooms and more than 2.7 million square feet of total
indoor and outdoor meeting space in top convention and leisure
destinations across the country. The Company’s Entertainment
segment includes a growing collection of iconic and emerging
country music brands, including the Grand Ole Opry; Ryman
Auditorium, WSM 650 AM; Ole Red and Circle, a country lifestyle
media network the Company owns in a joint-venture partnership with
Gray Television. The Company operates its Entertainment segment as
part of a taxable REIT subsidiary.
*The Company is the sole owner of Gaylord Opryland Resort &
Convention Center; Gaylord Palms Resort & Convention Center;
Gaylord Texan Resort & Convention Center; and Gaylord National
Resort & Convention Center. It is the majority owner and
managing member of the joint venture that owns Gaylord Rockies
Resort & Convention Center.
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 amount and intended use of proceeds
from the draw against the Company’s revolving credit facility,
statements regarding future Board determinations regarding the
timing and amount of dividends and changes to our dividend policy
(which could be made at any time), statements regarding the
anticipated impact of COVID-19 on travel, transient and group
demand, the suspension or cancellation of performances or
operations at our entertainment venues, the anticipated impact of
COVID-19 on our results of operations, the amount of cancellation
and attrition fees and cost containment efforts. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. These risks and uncertainties include, but are not
limited to, the effects of COVID-19, including on the demand for
travel, transient and group business (including government-imposed
travel or meeting restrictions), and levels of consumer confidence
in the safety of travel and group gatherings as a result of
COVID-19; the length and severity of the COVID-19 pandemic in the
United States; the pace of recovery following the COVID-19
pandemic; our ability to implement cost containment strategies; and
the adverse effects of COVID-19 on our business or the market price
of our common stock. 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 and other risks and
uncertainties described in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2019. 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.
Source: Ryman Hospitality Properties, Inc.
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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