Ryman Hospitality Properties, Inc. Announces Pricing of $500 Million of Senior Notes Due 2027
September 13 2019 - 4:23PM
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, priced the private placement of $500 million
aggregate principal amount of 4.75% senior notes due 2027 (the
“notes”). The notes will be senior unsecured 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% senior unsecured
notes due 2023. Subject to customary closing conditions, the
Issuers expect the private placement of the notes to close on
September 19, 2019. The aggregate net proceeds from the sale of the
notes are expected to be approximately $493 million, after
deducting the initial purchasers’ discounts and commissions and
estimated offering expenses.
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. Any remaining proceeds will be used for general
corporate purposes.
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”
regarding the proposed private placement and the Company’s intended
use of proceeds from such private placement. 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 |
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