Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced today that certain of its subsidiaries priced the private placement of $350 million aggregate principal amount of 5% senior notes due 2021 (the “notes”), increased from the $300 million proposed offering previously announced. The notes will be senior unsecured obligations of the Company’s issuing subsidiaries and will be guaranteed by the Company and all of the Company’s subsidiaries that guarantee its senior credit facility. Subject to customary closing conditions, the issuers expect the private placement of the notes to close on April 3, 2013. The aggregate net proceeds from the sale of the notes are expected to be approximately $342 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. The Company intends to use substantially all of the net proceeds of the offering to repay amounts outstanding under its revolving credit facility, and any balance will be used for general corporate purposes, which may include the repayment of other indebtedness.
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 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.
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