Ryman Hospitality Properties, Inc. Announces Closing of $1.0 Billion of 6.500% Senior Notes Due 2032
March 28 2024 - 4:15PM
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”)
announced today that its subsidiaries, RHP Hotel Properties, LP
(the “Operating Partnership”) and RHP Finance Corporation (together
with the Operating Partnership, the “Issuers”), completed the
previously announced private placement of
$1.0
billion aggregate principal amount of
6.500% senior notes due 2032 (the “Notes”). The Notes are senior
unsecured obligations of the Issuers and are guaranteed by the
Company and the Company’s and the Operating Partnership’s
subsidiaries that guarantee the Operating Partnership’s existing
credit facility, the 4.750% senior unsecured notes due 2027, the
7.250% senior unsecured notes due 2028 and the 4.500% senior
unsecured notes due 2029. The aggregate net proceeds from the sale
of the Notes are expected to be approximately $983 million, after
deducting the initial purchasers’ discounts and commissions and
estimated offering expenses.
The Operating Partnership intends to contribute
a portion of the net proceeds of this offering to its subsidiaries
that own the Gaylord Rockies Resort & Convention Center, and
such subsidiaries intend to use such net proceeds to prepay the
indebtedness outstanding under the Second Amended and Restated Loan
Agreement, dated as of July 2, 2019, with Wells Fargo Bank,
National Association, as administrative agent, as amended from time
to time, and to pay related fees and expenses. The Operating
Partnership intends to use the remaining net proceeds, together
with cash on hand, to repay, as soon as practicable, approximately
$200 million of indebtedness outstanding under the Operating
Partnership’s term loan B pursuant to its existing credit
facility.
The Notes were offered only to persons
reasonably believed to be qualified institutional buyers in
compliance with Rule 144A under the Securities Act of 1933, as
amended (the “Securities Act”), and to certain non-U.S. persons
outside the United States in reliance on Regulation S under the
Securities Act. The 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.
This press release is neither an offer to sell
nor a solicitation of an offer to buy any securities, nor shall
there be any offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
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
entertainment experiences. RHP’s holdings include 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, five of the top ten largest
non-gaming convention center hotels in the United States based on
total indoor meeting space. The Company also owns the JW Marriott
San Antonio Hill Country Resort & Spa and two ancillary hotels
adjacent to our Gaylord Hotels properties. The Company’s hotel
portfolio is managed by Marriott International and includes a
combined total of 11,414 rooms as well as more than 3 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,
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 the 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.
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 intended use of
the net proceeds from the offering of the Notes. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the
statements made. Factors that could cause results to differ are
described in the filings made from time to time by the Company with
the 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, 2023 and subsequent filings.
Except as required by law, 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 |
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