ryman hospitality properties (RHP) Key Developments
Ryman Hospitality Properties Completes Offering of $400 Million of 5.00% Senior Notes Due 2023
Apr 14 15
Ryman Hospitality Properties, Inc. announced that certain of its subsidiaries completed the previously announced private placement of $400 million aggregate principal amount of 5.00% senior notes due 2023. The notes are senior unsecured obligations of the company's issuing subsidiaries and are guaranteed by the company and all of the company's subsidiaries that guarantee its senior credit facility. Aggregate net proceeds from the sale of the notes are expected to be approximately $392 million, after deducting the initial purchasers' discounts and commissions and estimated offering expenses. The company intends to use substantially all of the net proceeds from the offering to repay certain amounts outstanding under its credit facility, including the amounts outstanding under the term loan A, eliminating the term loan A, and a portion of the amounts outstanding under the revolver. The company's $400 million term loan B under its credit facility will remain outstanding. The notes were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under the Securities Act. The notes were not registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
Ryman Hospitality Properties, Inc. Announces $400 Million Senior Notes Offering
Apr 8 15
Ryman Hospitality Properties, Inc. announced that certain of its subsidiaries intend to offer, in a private placement, up to $400 million aggregate principal amount of senior notes due 2023. The notes will be unsecured senior obligations of the issuing subsidiaries and guaranteed by the company and its subsidiaries that guarantee its existing senior secured credit facility and 5.00 % senior unsecured notes due 2021. The company intends to use the net proceeds from the offering to repay certain outstanding amounts under its credit facility, including the amounts outstanding under the term loan A, eliminating the term loan A, and a portion of the amounts outstanding under the revolver. The company’s $400 million term loan B under its credit facility will remain outstanding.
Ryman Hospitality Properties Seeks Acquisitions
Mar 5 15
Ryman Hospitality Properties, Inc. (NYSE:RHP) is looking to buy assets for capital allocation. The company is looking for growth in terms of cash flow per share, not EBITDA, so adding rooms or just adding it should be accretive.
Ryman Hospitality Properties, Inc. Promotes Mark Fioravanti to President
Mar 3 15
Ryman Hospitality Properties, Inc. announced that executive vice president and chief financial officer Mark Fioravanti has been promoted to president of the company, effective immediately. In addition to retaining his duties as chief financial officer, Mr. Fioravanti will assume new responsibilities including oversight of asset management, communications and administration. Mr. Fioravanti has served as the Company's chief financial officer for the past six years, successfully overseeing the company's transition to a real estate investment trust. Prior to joining Ryman Hospitality Properties predecessor in 2002, Mr. Fioravanti held several senior and property-level positions with Harrah's Entertainment, Inc. in the areas of finance, administration and strategic planning.
Ryman Hospitality Properties, Inc. Declares First Quarter Dividend Payable on April 16, 2015; Provides Dividend Guidance for 2015
Feb 26 15
Ryman Hospitality Properties, Inc. declared its first quarter cash dividend of $0.65 per share of common stock payable on April 16, 2015 to stockholders of record on March 31, 2015. It is the company’s current plan to distribute total 2015 annual dividends of approximately $2.60 per share in cash in equal quarterly payments in April, July, October, and January. To the extent that the expected regular quarterly dividends for 2015 do not satisfy the company’s annual distribution requirements, the company expects to satisfy the annual distribution requirement by paying a ‘catch up’ dividend in January 2016. Any future dividend is subject to the board’s future determinations as to the amount of quarterly distributions and the timing thereof. The company’s dividend policy for 2015 has been modified. The new dividend policy reads, ‘the company plans to pay a quarterly cash dividend to shareholders in an annualized amount equal to at least 50% of adjusted funds from operations (adjusted FFO) less maintenance capital expenditures, or 100% of REIT taxable income, whichever is greater.