Ryman Hospitality Properties, Inc. (NYSE:RHP) today announced that its
Board of Directors declared a cash dividend of $0.50 per share of common
stock payable on January 15, 2014 to stockholders of record on December
27, 2013.
As a result of the declaration of the dividend, effective immediately
after the close of business on December 24, 2013, the conversion rate of
the Company’s outstanding 3.75 percent convertible notes due 2014 will
adjust from a conversion rate of 46.2165 per $1,000 principal amount of
notes, which is equivalent to a conversion price of $21.64, to a
conversion rate of 46.7774, which is equivalent to a conversion price of
$21.38. Pursuant to customary anti-dilution adjustments, effective
immediately after the close of business on December 24, 2013, the strike
price of our call options related to the convertible notes will be
adjusted to $21.38 per share of common stock and the exercise price of
the common stock warrants we issued will be adjusted in a similar manner.
About Ryman Hospitality Properties, Inc.:
Ryman Hospitality Properties, Inc. (NYSE:RHP), is a REIT 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 statements as to the Company’s beliefs and
expectations of the outcome of future events that are forward-looking
statements as defined in the Private Securities Litigation Reform Act of
1995. You can identify these statements by the fact that they do not
relate strictly to historical or current facts. Examples of these
statements include, but are not limited to, statements regarding
dividend payments. These 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
associated with economic conditions affecting the hospitality business
generally, the geographic concentration of the Company’s hotel
properties, business levels at the Company’s hotels, the effect of the
Company’s election to be taxed as a REIT for federal income tax purposes
effective for the year ending December 31, 2013, the Company’s ability
to remain qualified as a REIT, the Company’s ability to execute its
strategic goals as a REIT, the effects of business disruption related to
the Marriott management transition and the REIT conversion, the
Company’s ability to realize cost savings and revenue enhancements from
the REIT conversion and the Marriott transaction, the Company’s ability
to generate cash flows to support dividends, future board determinations
regarding the timing and amount of dividends and changes to the dividend
policy, which could be made at any time, the determination of Adjusted
Funds from Operations and REIT taxable income, and the Company’s ability
to borrow funds pursuant to its credit agreements and to refinance
indebtedness. Other factors that could cause operating and financial
results to differ are described in the filings made from time to time by
the Company with the U.S. Securities and Exchange Commission (SEC) and
include the risk factors described in the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2012 and our Quarterly
Reports on Form 10-Q for the fiscal quarters ended March 31, 2013, June
30, 2013 and September 30, 2013. 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