Ryman Hospitality Properties, Inc. (NYSE:RHP) (the “Company”) announced
today that certain of its subsidiaries intend to offer, in a private
placement, up to $400 million aggregate principal amount of senior notes
due 2023 (the “notes”). The notes will be unsecured senior obligations
of the issuing subsidiaries and guaranteed by the Company and its
subsidiaries that guarantee its existing senior secured credit facility
and 5.00 % senior unsecured notes due 2021. The Company intends to use
the net proceeds from the offering to repay certain outstanding amounts
under its credit facility, including the amounts outstanding under the
term loan A, eliminating the term loan A, and a portion of the amounts
outstanding under the revolver. The Company’s $400 million term loan B
under its credit facility will remain outstanding. There can be no
assurance that the offering of the notes will be consummated.
The notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), and outside the United States
pursuant to Regulation S under the Securities Act. The 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 7,795 rooms that are managed by
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, The Inn at Opryland, a 303-room overflow hotel
adjacent to Gaylord Opryland and AC Hotel Washington, D.C. at National
Harbor, a 192-room hotel opening in April 2015. 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 nearly 90 years; the Ryman Auditorium, the storied former
home of the Grand Ole Opry located in downtown Nashville; and 650 AM
WSM, the Opry’s radio home.
This press release contains “forward-looking statements” concerning
the intention of certain of the Company’s subsidiaries to issue the
notes, the Company’s expectation of the aggregate principal amount of
notes to be sold and the Company’s intended use of proceeds of the
offering. 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, 2014. 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.
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