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Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend, Related Adjustment to Conversion Rate of 3.75% Convertible



  Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend, Related
  Adjustment to Conversion Rate of 3.75% Convertible Notes

Business Wire

NASHVILLE, Tenn. -- September 16, 2013

Ryman Hospitality Properties, Inc. (NYSE:RHP) today announced that its Board
of Directors declared a cash dividend of $0.50 per share of common stock
payable on October 15, 2013 to stockholders of record on September 27, 2013.
It is the Company’s current plan to distribute total annual dividends of
approximately $2.00 per share in cash in equal quarterly payments in April,
July, October, and January, subject to the board’s future determinations as to
the amount of quarterly distributions and the timing thereof.

As a result of the declaration of the dividend, effective immediately after
the close of business on September 25, 2013, the conversion rate of the
Company’s outstanding 3.75 percent convertible notes due 2014 will adjust from
a conversion rate of 45.5431 per $1,000 principal amount of notes, which is
equivalent to a conversion price of $21.96, to a conversion rate of 46.2165,
which is equivalent to a conversion price of $21.64. Pursuant to customary
anti-dilution adjustments, effective immediately after the close of business
on September 25, 2013, the strike price of our call options related to the
convertible notes will be adjusted to $21.64 per share of common stock and the
exercise price of the common stock warrants we issued will be adjusted in a
similar manner.

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 the expected approach to making dividend
payments, the board’s ability to alter the dividend policy at any time, and
other business or operational issues. 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 economic conditions affecting the hospitality business
generally, the geographic concentration of the Company’s hotel properties,
business levels at the Company’s hotels, the effect of the Company’s election
to be taxed as a REIT for federal income tax purposes effective for the year
ending December 31, 2013, the Company’s ability to remain qualified as a REIT,
the Company’s ability to execute its strategic goals as a REIT, the effects of
business disruption related to the Marriott management transition and the REIT
conversion, the Company’s ability to realize cost savings and revenue
enhancements from the REIT conversion and the Marriott transaction, 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, the determination of
Adjusted Funds from Operations and REIT taxable income, 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 and our Quarterly Reports on Form 10-Q for the
fiscal quarters ended March 31, 2013 and June 30, 2013. 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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