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Ryman Hospitality Properties, Inc. Refinances and Extends Credit Facility to 2017



  Ryman Hospitality Properties, Inc. Refinances and Extends Credit Facility to
  2017

Business Wire

NASHVILLE, Tenn. -- April 18, 2013

Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced that the
Company and its subsidiaries successfully refinanced their $925 million credit
facility that was scheduled to mature in August 2015. The increased and
extended $1 billion credit facility will mature in April 2017 and is comprised
of a $700 million revolving credit line ($154 million of which was drawn at
close) and a fully funded $300 million term loan. The Company was able to
secure favorable pricing on the facility with initial pricing set at LIBOR +
1.75%. Pricing is determined on a grid pricing structure based on a
consolidated funded indebtedness to total asset value ratio. The extended
facility reflects both a reduction in the term loan and an increase in the
revolving credit line, as well as improved pricing. The previous credit
facility was comprised of a $400 million term loan and a $525 million
revolving credit line.

With the recently completed private placement of $350 million in principal
amount of 5% senior notes due 2021, the Company and its subsidiaries’ existing
debt has no maturity date prior to 2017, other than the Company’s $360
million outstanding 3.75 % convertible notes due in 2014.

“This refinancing of our bank credit facility, coupled with the recent
completion of our senior notes offering, further strengthens our balance sheet
and enhances our flexibility to take advantage of strategic growth
opportunities moving forward,” stated Colin V. Reed, chairman, chief executive
officer and president of Ryman Hospitality Properties. “Given the extremely
attractive rates at which we were able to complete these transactions, we are
confident that the timing was right and that they are in long-term best
interest of our Company and our shareholders.”

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
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 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 agreements governing our debt, 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, 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 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.

Contact:

Investor Relations:
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
mfioravanti@rymanhp.com
or
Todd Siefert, 615-316-6344
Vice President of Corporate Finance & Treasurer
tsiefert@rymanhp.com
or
Media:
Ryman Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice President of Corporate Communications
babrahamson@rymanhp.com
or
Sloane & Company
Josh Hochberg, 212-446-1892
jhochberg@sloanepr.com
or
Dan Zacchei, 212-446-1882
dzacchei@sloanepr.com
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