Ryman Hospitality Properties, Inc. (NYSE:RHP) (the “Company”) announced
today that its 3.75% Convertible Senior Notes due October 1, 2014 remain
convertible at the option of the holders through December 31, 2013, the
last business day of the current fiscal quarter. The company issued the
notes in September 2009.
The notes remain convertible because the last reported sale price of the
company’s common stock for at least 20 trading days during the 30
consecutive trading-day period ending on September 30, 2013, was greater
than 120 percent of the conversion price in effect on such day.
The company will, at its option, deliver shares of its common stock,
cash, or a combination of shares of its common stock and cash, upon
conversion of any notes surrendered through December 31, 2013. If shares
are delivered, cash will be paid in lieu of fractional shares only. The
notes are currently convertible at a rate of 46.2165 shares of common
stock per $1,000 principal amount of notes, which is equal to a
conversion price of $21.64 per share. Currently, the company has elected
to settle each $1,000 principal amount of notes with a cash payment at
$1,000 and the remaining conversion value in shares of its common stock.
The company may elect a different settlement method in the future.
There is approximately $304.1 million in aggregate principal amount of
notes outstanding.
If all outstanding notes are surrendered for conversion and the company
elects to deliver shares of its common stock, the aggregate number of
shares of common stock issued would be approximately 14.1 million. The
notes could be convertible after December 31, 2013, if the sale price
condition described above is met in any future fiscal quarter or if any
of the other conditions to conversion set forth in the indenture
governing the notes are met.
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 and other statements concerning the convertibility of the
notes in the future. 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 subsequent 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