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Nashville, Tenn., March 21, 2024 (GLOBE NEWSWIRE) — Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) today announced that its subsidiary RHP Hotel Properties, LP (the “Operating Partner” ) RHP Finance Corporation and RHP Finance Corporation (together with the Operating Partners, the “Issuers”) intend to issue up to US$800 million in aggregate principal amount of senior notes due 2032 (the “Notes”) through a private placement, subject to market and other conditions. )”). The notes will be senior unsecured obligations of the issuer and are guaranteed by the company and its subsidiaries, guaranteeing its existing credit facilities, which include 4.750% senior unsecured notes due 2027, 4.750% senior unsecured notes due 2028, 7.250% senior unsecured notes and 4.500% senior unsecured notes due 2029.
The operating partnership intends to contribute the net proceeds from the offering to its subsidiaries that own the Gaylord Rockies Resort & Convention Center, and those subsidiaries intend to use the net proceeds, along with cash on hand, to prepay unpaid obligations under the Second Amendment. Debt repayment as of July 2, 2019, the restated loan agreement, as amended from time to time, with Wells Fargo National Association, acting as administrative agent, and related fees and expenses. There can be no assurance that the Notes Offering will be completed.
The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons outside the United States In connection with Rule 144A under the Securities Act, S regulations. 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 under the Securities Act.
This press release is neither an offer to sell nor the 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 Lyman Hospitality Real Estate
Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hotel real estate investment trust specializing in upscale convention center resorts and entertainment experiences. RHP’s assets include Gaylord Opryland Resort and Conference Center, Gaylord Opryland Resort and Conference Center, Gaylord Palms Resort and Conference Center; Gaylord Texas Resort and Conference Center; Gaylord National Resort and convention center; Gaylord Rockies Resort & Convention Center is one of five of the top ten non-gaming convention center hotels in the United States (based on total indoor meeting space). The company also owns the JW Marriott San Antonio Hill Country Resort & Spa and two affiliated hotels adjacent to the Gaylord Hotel. The company’s hotel portfolio, managed by Marriott International, includes a total of 11,414 guest rooms and more than 3 million square feet of indoor and outdoor meeting space located in the nation’s top meeting and leisure destinations. RHP also owns a 70% controlling interest in Opry Entertainment Group (OEG), which consists of entities that own a growing list of iconic and emerging country music brands, including the Grand Ole Opry, Ryman Auditorium, WSM 650 AM, Ole Red, Nash Vail Area Attractions and Block 21 is an integrated entertainment, lodging, office and retail complex that includes the W Austin Hotel and ACL Live at the Moody Theater in downtown Austin, Texas. RHP operates OEG as its entertainment division within a taxable REIT subsidiary, the results of which are incorporated into the company’s financial performance.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements regarding the Company’s beliefs and expectations regarding the outcome of future events, which are forward-looking statements within the meaning of 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 fact. Examples of these statements include, but are not limited to, statements regarding the intended use of the net proceeds from the issuance of the Notes. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include risks and uncertainties related to the issuance of the notes, including but not limited to the occurrence of any events, changes or other circumstances that may delay the issuance of the notes or cause the termination of the issuance of the notes; failure to complete the issuance of this bond will have an adverse impact on the company. Additional factors that could cause results to differ are described from time to time in the Company’s filings with the SEC, including the risk factors and other risks and uncertainties described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and subsequent filings. Except as required by law, the Company undertakes no obligation to release publicly any revisions to the forward-looking statements it makes to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
Investor relations contact information: | Media contact: |
Mark Fioravanti, President and CEO | Shannon Sullivan, Vice President, Corporate and Brand Communications |
Ryman Hospitality Properties Ltd. | Ryman Hospitality Properties Ltd. |
(615)316-6588 | (615)316-6725 |
mfioravanti@rymanhp.com | ssullivan@rymanhp.com |
~or~ | ~or~ |
Jennifer Hutchison, Chief Financial Officer | Robert Winters |
Ryman Hospitality Properties Ltd. | Alpha IR Group |
(615)316-6320 | (929)266-6315 |
jhutcheson@rymanhp.com | robert.winters@alpha-ir.com |
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