Ryman Hospitality Properties, Inc. Successfully Extends Credit Facility Waiver Period
December 22 2020 - 4:30PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced that today it completed a second amendment to the credit
agreement governing its $700 million revolving
credit facility, $300 million Term Loan A facility and
its Term Loan B facility (of which approximately $382.5
million is outstanding), which was obtained from a consortium
of banks led by Wells Fargo Bank, National Association, as
administrative agent. The second amendment provides for an extended
temporary waiver of all financial covenants in the credit facility
through April 1, 2022 (unless terminated early by the
Company at its option) confirms the continued availability of the
undrawn amounts under the revolving credit facility.
During the extended waiver period, the second amendment provides
for increased interest on outstanding amounts due under the
revolving credit facility and the Term Loan A facility (effective
as of April 1, 2021). The second amendment provides for certain
modified restrictions on the incurrence of additional indebtedness,
the payment of dividends, share repurchases and certain capital
expenditures by the Company during the extended waiver period, as
well as a continued minimum liquidity requirement. In addition, the
second amendment continues to provide that all borrowings under the
revolving credit facility made during the extended waiver period
may only be used for payment of operating expenses, debt service,
and certain permitted capital expenditures and investments (as
modified by the terms of the second amendment). Financial covenants
in the credit facility will be re-implemented for the second
quarter of 2022 at more modest levels for that quarter only. The
Company will file a Current Report on Form 8-K with the U.S.
Securities and Exchange Commission, which will include a copy of
the second amendment as an exhibit.
Colin Reed, Chairman and Chief Executive Officer of the Company,
said, “The successful extension of our covenant waiver period,
along with the additional financial and operational flexibility
provided by the second amendment, will assist us in our efforts to
recover from the COVID-19 pandemic and to quickly begin serving our
group customers once the COVID-19 vaccine becomes widely available
and groups are once again able to travel. We appreciate the
continued support from our long-tenured bank group during this
unprecedented time, as well as their recognition of the value of
our one-of-a-kind portfolio of hotel assets. Together with our
unrestricted cash on hand and the remaining availability under our
revolving credit facility, we continue to believe we will have
ample liquidity to weather this ongoing period of disruption.”
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 with
Gray Television. The Company operates its Entertainment segment as
part of a taxable REIT subsidiary. Visit RymanHP.com for
more information.
* 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 the 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 future performance of our business,
the anticipated impact of a widely available COVID-19 vaccine on
group business, our liquidity 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 the COVID-19 pandemic, including the effects of the
COVID-19 pandemic on us and the hospitality and entertainment
industries generally, the effects of the COVID-19 pandemic on the
demand for travel, transient and group business (including
government-imposed restrictions), levels of consumer confidence in
the safety of travel and group gathering as a result of COVID-19,
the duration and severity of the COVID-19 pandemic in the
United States and the pace of recovery following the COVID-19
pandemic, the duration and severity of the COVID-19 pandemic in the
markets where our assets are located, governmental restrictions on
our businesses, economic conditions affecting the hospitality
business generally, the geographic concentration of the Company’s
hotel properties, business levels at the Company’s hotels, the
Company’s ability to remain qualified as a REIT for federal income
tax purposes, the Company’s ability to execute its strategic goals
as a REIT, 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 FFO available to
common shareholders and unit holders and REIT taxable income, and
the Company’s ability to borrow funds pursuant to its credit
agreement. 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 and other risks
and uncertainties described in the Company’s Annual Report on Form
10-K for the fiscal year ended December 31, 2019, and its
Quarterly Reports on Form 10-Q and subsequent filings. 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, Senior 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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