Ryman Hospitality Properties, Inc. Successfully Completes Refinancing of $700 Million Credit Facility and $500 Million Term Loan B
May 18 2023 - 4:53PM
Ryman Hospitality Properties, Inc. (NYSE: RHP), a leading lodging
and hospitality real estate investment trust (“REIT”) that
specializes in upscale convention center resorts and leading
entertainment experiences, today successfully completed a series of
refinancing transactions that extends maturities of the $700
million Revolving Credit Facility and $500 million Term Loan B, and
eliminates mortgage collateral requirements in its Credit Facility.
Mark Fioravanti, President and Chief Executive
Officer of Ryman Hospitality Properties, commented, “We are
pleased to take advantage of current capital market conditions to
refinance our credit facility and bolster an already solid balance
sheet, with terms that provide us additional flexibility through
the release of mortgage collateral. Proceeds from the $500 million
Term Loan B are being used to pay down the existing balance of
approximately $370 million on the old Term Loan B with the
remaining proceeds being used for general corporate purposes. We
are pleased with our bank group’s on-going support and look forward
to continuing to execute on our long-term goals.”
Additional Transaction
Details
Led by Wells Fargo, the Company refinanced
its existing $700 Million Revolving Credit Facility
(“Revolver”), extending its maturity from 2024 to 2027, with the
option to extend the maturity date for a maximum of one additional
year through either (i) a single 12-month extension option or (ii)
two individual 6 month extensions. Pricing will be determined by a
leverage-based pricing grid ranging from 140 to 200 basis points
over, at our election, Adjusted Term SOFR or Adjusted Daily Simple
SOFR (compared to the previous pricing of 140 to 195 basis points
over LIBOR). The Company also restructured the collateral package
for the credit facility by obtaining release of the four mortgages
on Gaylord Opryland, Gaylord Palms, Gaylord Texan, and Gaylord
National, instead providing the lenders with equity pledges on two
assets, Gaylord Opryland and Gaylord Texan, which significantly
increases the Company’s unencumbered asset pool. The revolver was
undrawn at closing.
The Company also refinanced its secured $500
million Term Loan B, which had an outstanding balance of $370
million, to a new $500 million Term Loan B. The maturity of
the Term Loan B has been extended from 2024 to 2030, with pricing
of 275 basis points over, at our election, Adjusted Term SOFR or
Adjusted Daily Simple SOFR.
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
leading entertainment experiences. RHP’s core
holdings, Gaylord Opryland Resort & Convention
Center; Gaylord Palms Resort & Convention
Center; Gaylord Texan Resort & Convention
Center; Gaylord National Resort & Convention Center;
and Gaylord Rockies Resort & Convention Center, are five
of the top ten largest non-gaming convention center hotels
in the United States based on total indoor meeting space.
Our Hospitality segment is comprised of these convention center
resorts operating under the Gaylord Hotels brand, along with two
adjacent ancillary hotels, which are managed by Marriott
International and represent a combined total of 10,412 rooms and
more than 2.8 million square feet of total indoor and outdoor
meeting space in top convention and leisure destinations across the
country. RHP also owns a 70% controlling ownership interest in Opry
Entertainment Group (OEG), which is composed of entities owning 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
RHP owns in a joint venture with Gray Television, Nashville-area
attractions, and Block 21, a mixed-use entertainment, lodging,
office and retail complex, including the W Austin Hotel and the ACL
Live at Moody Theater, located in downtown Austin, Texas. RHP
operates OEG as its Entertainment segment in a taxable REIT
subsidiary, and its results are consolidated in the Company’s
financial results. Visit RymanHP.com for more
information.
Cautionary Note Regarding
Forward-Looking StatementsThis 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 application of the remaining Term Loan B proceeds 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, including,
but not limited to, risks and uncertainties associated with
economic conditions affecting the hospitality business and/or the
entertainment businesses. 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,
2022, 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.
Investor Relations Contacts: |
Media Contacts: |
Mark Fioravanti, President and Chief Executive 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~ |
Jennifer Hutcheson, Chief Financial Officer |
Robert Winters |
Ryman Hospitality Properties, Inc. |
Alpha IR Group |
(615) 316-6320 |
(929) 266-6315 |
jhutcheson@rymanhp.com |
robert.winters@alpha-ir.com |
~or~ |
|
Ray Keeler, Vice President Finance and Strategic Planning |
|
Ryman Hospitality Properties, Inc. |
|
(615) 316-6485 |
|
rkeeler@rymanhp.com |
|
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