Ryman Hospitality Properties, Inc. Repurchases $54,742,000 in Principal Amount of 3.75% Convertible Senior Notes
Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced
today that it has recently repurchased in private transactions
$54,742,000 principal amount of its 3.75% convertible senior notes due
2014, which will be cancelled, and is processing the settlement of
$1,200,000 principal amount of the convertible notes that were converted
by a holder. After these transactions, $304,058,000 in principal amount
of the notes will remain outstanding.
The repurchases were made for aggregate consideration of $98,558,163,
funded by draws under the Company’s revolving credit facility and cash
on hand.
In connection with the repurchase of notes, the Company proportionately
adjusted the number of options underlying the bond hedge transaction
related to the convertible notes. In addition, the number of warrants
outstanding will be reduced to approximately 13.9 million. In
consideration for these adjustments, the counterparties to the call
spread transactions will pay the Company 157,886 shares of the Company’s
common stock.
Information concerning the dilution resulting from the convertible notes
may be made available from time to time on the Company’s website, www.rymanhp.com,
under the “Investor Toolkit” section of the Investor Relations page.
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 7,795 rooms that are managed by
world-class lodging operator 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 and the Inn at Opryland, a 303-room
overflow hotel adjacent to Gaylord Opryland. The Company also owns and
operates a number of media and entertainment assets, including the Grand
Ole Opry (opry.com), the legendary weekly showcase of country music’s
finest performers for nearly 90 years; the Ryman Auditorium, the storied
former home of the Grand Ole Opry located in downtown Nashville; and
WSM-AM, the Opry’s radio home. For additional information about Ryman
Hospitality Properties, visit www.rymanhp.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains “forward-looking statements” concerning the
Company’s expectations, future results and underlying assumptions, and
other statements that are not necessarily based on historical facts.
Examples of these statements include, but are not limited to, the form
and timing of payments of the Company in connection with notes
surrendered. Forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
the statements made. These include the risks and uncertainties described
in the filings made from time to time by the Company with the U.S.
Securities and Exchange Commission, including the risk factors described
in the Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2012 and its Quarterly Reports on Form 10-Q. 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.
Copyright Business Wire 2013