Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced today that, effective immediately after the close of business on March 26, 2013, the conversion rate of the Company’s outstanding 3.75 percent convertible notes due 2014 will adjust from a conversion rate of 44.4492 per $1,000 principal amount of notes, which is equivalent to a conversion price of $22.50 per share, to 44.9815 per $1,000 principal amount of notes, which is equivalent to a conversion price of $22.23.
Pursuant to customary anti-dilution adjustments, effective immediately after the close of business on March 26, 2013, the strike price of our call options related to the convertible notes will be adjusted to $22.23 per share of common stock and the exercise price of the common stock warrants we issued will be adjusted in a similar manner.
The conversion rate for the notes is adjusted in connection with the Company’s declaration on February 14, 2013, of a cash dividend of $0.50 per share of our common stock to be paid on April 12, 2013, to stockholders of record on March 28, 2013, resulting in an ex-dividend date of March 26, 2013.
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 goals, beliefs, expectations, strategies, objectives, plans, future operating 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 amount and timing of payment of the dividend and the effect of the declaration of dividends on the notes and the related options and warrants. 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. 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.