Ryman Hospitality Properties, Inc. Announces Proposed Tack-On Offering Of $100 Million Of 4.750% Senior Notes Due 2027
October 03 2019 - 9:08AM
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 make a tack-on offering of up to $100
million aggregate principal amount of 4.750% senior notes due 2027
(the “additional 2027 notes”) in a private placement, subject to
market and other conditions. The Issuers’ previously issued $500
million aggregate principal amount of 4.750% senior notes due 2027
(the “existing 2027 notes”) and the additional 2027 notes will
constitute a single class of securities. The additional 2027 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”) that remain outstanding following the
completion of the Issuers’ tender offer in September 2019 (which
will be redeemed on or around October 21, 2019), 5.00% senior
unsecured notes due 2023 and the existing 2027 notes.
The Issuers intend to use substantially all of the net proceeds
from the offering to repay a portion of the amounts outstanding
under the Company’s revolving credit facility. Any remaining net
proceeds will be used for general corporate purposes. There can be
no assurance that the offering of the additional 2027 notes will be
consummated.
The additional 2027 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 additional 2027 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 additional 2027 notes, the Company’s expectation of
the aggregate principal amount of the additional 2027 notes to be
sold, the Company’s intended use of proceeds of the offering and
the pending redemption of the 2021 notes. 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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