Ryman Hospitality Properties, Inc. Announces Upsizing and Pricing of Tack-On Offering of $200 Million 4.750% Senior Notes Due...
October 03 2019 - 5:44PM
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 tack-on private placement of $200 million
aggregate principal amount of 4.750% senior notes due 2027 (the
“additional 2027 notes”) at an issue price of 101.250% of their
aggregate principal amount plus accrued interest from September 19,
2019, the issue date for the Issuers’ previously issued $500
million aggregate principal amount of 4.750% senior notes due 2027
(the “existing 2027 notes”). The additional 2027 notes and the
existing 2027 notes will constitute a single class of securities.
The size of the offering was increased by $100 million aggregate
principal amount subsequent to the initial announcement of the
offering.
The additional 2027 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”) 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% senior unsecured notes due 2023 and the existing 2027
notes. Subject to customary closing conditions, the Issuers expect
the private placement of the additional 2027 notes to close on
October 8, 2019. The aggregate net proceeds from the sale of the
additional 2027 notes are expected to be approximately $199.5
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 repay a portion of the amounts outstanding
under the Company’s revolving credit facility. Any remaining
proceeds will be used for general corporate purposes.
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”
regarding the proposed private placement, the Company’s intended
use of proceeds from such private placement 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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