Ryman Hospitality Properties, Inc. Announces Proposed $500 Million Senior Notes Offering
September 12 2019 - 8:06AM
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, intend to offer, in a private placement, subject to
market and other conditions, up to $500 million aggregate principal
amount of senior notes due 2027 (the “notes”). The notes will be
unsecured senior obligations of the Issuers and guaranteed by the
Company and its subsidiaries that guarantee its existing senior
secured credit facility, 5.00% senior unsecured notes due 2021 (the
“2021 Notes”) and 5.00% senior unsecured notes due 2023.
The Issuers intend to use substantially all of the net proceeds
from the offering to fund the concurrent cash tender offer for any
and all of the $350 million outstanding aggregate principal amount
of 2021 Notes, and, if and to the extent necessary, to redeem any
of the 2021 Notes that remain outstanding thereafter, in accordance
with the indenture governing the 2021 Notes, including the payment
of all premiums, accrued interest and costs and expenses in
connection with the tender offer and redemption of the 2021 Notes,
after the expiration of the cash tender offer, and to repay all or
a portion of the amounts outstanding under the Company’s revolving
credit facility. There can be no assurance that the offering of the
notes will be consummated.
The notes will be offered 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
non-U.S. persons outside the United States pursuant to Regulation S
under the Securities Act. The notes have not been registered under
the Securities Act and will 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 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”
concerning the intention of certain of the Company’s subsidiaries
to issue the notes, the Company’s expectation of the aggregate
principal amount of notes to be sold and the Company’s intended use
of proceeds of the offering. 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 |
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ryman Hospitality Proper... (NYSE:RHP)
Historical Stock Chart
From Apr 2023 to Apr 2024