Ryman Hospitality Properties Announces Conversion Rate Adjustment for
Convertible Notes in Connection with Quarterly Dividend
NASHVILLE, Tenn. -- March 26, 2013
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,
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.
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
Todd Siefert, 615-316-6344
Vice President of Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice President of Corporate Communications
Sloane & Company
Josh Hochberg or Dan Zacchei
212-446-1892 or 212-446-1882
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