Ryman Hospitality Properties, Inc. (NYSE:RHP) (the “Company”) announced
today it has added an additional senior secured $400 million term loan
(the “Term Loan B”) to its existing credit agreement. The new term loan
matures in January 2021.
The Term Loan B was fully drawn at closing and bears interest at a rate
equal to LIBOR plus a 3.00 percent applicable margin, subject to a LIBOR
floor of 0.75 percent. The Term Loan B is secured by (i) a first
mortgage lien on the real property of each of the Company’s Gaylord
Hotels properties, (ii) pledges of the equity interests in the
subsidiaries of the Company that own the Gaylord Hotels properties,
(iii) the personal property of the Company, the Company’s operating
partnership and the guarantors of the Term Loan B, and (iv) all proceeds
and products from the Company’s Gaylord Hotels properties. The lead
arranger for the Term Loan B was Deutsche Bank Securities Inc. The joint
bookrunners for the Term Loan B were Deutsche Bank Securities Inc.,
Wells Fargo Securities LLC, J.P. Morgan Securities, LLC, U.S. Bank,
National Association and Merrill Lynch, Pierce, Fenner & Smith
Incorporated.
The proceeds received from the Term Loan B may be used, as the Company
may determine, to repay revolving loans under the Company’s existing
credit facility and to repay the Company’s outstanding 3.75% convertible
notes or to settle, in whole or in part, the warrant transactions
entered into in connection with the issuance of the 3.75% convertible
notes.
“We are pleased to have completed the addition of the new term loan to
our credit facility,” said Colin Reed, chairman, president and chief
executive officer for Ryman Hospitality Properties, Inc. “The new term
loan was well received by lenders and the favorable pricing and terms of
the facility are a signal of the confidence in our strategy and
recognition of the value of our assets.”
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. An
example of these statements is the use of the proceeds of the Term Loan
B. 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, 2013 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 2014