Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced that the
Company and its subsidiaries successfully extended the maturity of the
revolving line of credit under their senior secured credit facility. The
revolving line of credit was scheduled to mature in August 2017.
The Company also announced that it declared its second quarter cash
dividend of $0.65 per share of common stock, payable on July 15, 2015,
to stockholders of record on June 30, 2015.
The extended $700 million revolver will mature in June 2019 and have an
initial outstanding borrowing of $360.5 million. The Company also
amended certain covenants under the facility, which also includes a
senior secured term loan B that matures in 2021. The revolver's interest
rate is based upon a leverage-based pricing grid ranging from 160 to 240
basis points over LIBOR, representing a decline in pricing of
approximately 15 to 35 basis points. The initial interest rate under the
revolver is the sum of LIBOR plus a margin of 160 basis points per annum.
With the extension and recently completed private placement of $400
million in principal amount of 5% senior notes due 2023, the Company and
its subsidiaries’ existing debt has no maturity date prior to 2019.
“This extension of our revolving line of credit coupled with the recent
completion of our senior unsecured notes offering further strengthens
our balance sheet. These two transactions will not only enhance our
flexibility as we look toward strategic growth opportunities moving
forward, but also bring our floating rate debt exposure to more balanced
levels,” stated Colin V. Reed, chairman and chief executive officer of
Ryman Hospitality Properties.
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 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, DC
at National Harbor, a 192-room hotel near Gaylord National. 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. 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 future
growth opportunities and the future timing of debt maturities. 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
compliance with the agreements governing our indebtedness, economic
conditions affecting the hospitality business generally, the geographic
concentration of the Company’s hotel properties, business levels at the
Company’s hotels, the Company’s ability to remain qualified as a REIT,
the Company’s ability to execute its strategic goals as a REIT or to
make strategic acquisitions, 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, 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 and other risks and uncertainties described in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2014
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.
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