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Ryman Hospitality Properties Completes Refinance of $700MM Revolving Credit Facility, $500MM Term Loan

May 19, 2023, 07:24 AM
Filed Under: Real Estate

Ryman Hospitality Properties, a leading lodging and hospitality real estate investment trust (“REIT”) that specializes in upscale convention center resorts and leading entertainment experiences, successfully completed a series of refinancing transactions that extends maturities of the $700 million Revolving Credit Facility and $500 million Term Loan B, and eliminates mortgage collateral requirements in its Credit Facility.

Led by Wells Fargo, the Company refinanced its existing $700 Million Revolving Credit Facility (“Revolver”), extending its maturity from 2024 to 2027, with the option to extend the maturity date for a maximum of one additional year through either (i) a single 12-month extension option or (ii) two individual 6 month extensions. Pricing will be determined by a leverage-based pricing grid ranging from 140 to 200 basis points over, at our election, Adjusted Term SOFR or Adjusted Daily Simple SOFR (compared to the previous pricing of 140 to 195 basis points over LIBOR). The Company also restructured the collateral package for the credit facility by obtaining release of the four mortgages on Gaylord Opryland, Gaylord Palms, Gaylord Texan, and Gaylord National, instead providing the lenders with equity pledges on two assets, Gaylord Opryland and Gaylord Texan, which significantly increases the Company’s unencumbered asset pool. The revolver was undrawn at closing.

The Company also refinanced its secured $500 million Term Loan B, which had an outstanding balance of $370 million, to a new $500 million Term Loan B. The maturity of the Term Loan B has been extended from 2024 to 2030, with pricing of 275 basis points over, at our election, Adjusted Term SOFR or Adjusted Daily Simple SOFR.

Mark Fioravanti, President and Chief Executive Officer of Ryman Hospitality Properties, commented, “We are pleased to take advantage of current capital market conditions to refinance our credit facility and bolster an already solid balance sheet, with terms that provide us additional flexibility through the release of mortgage collateral. Proceeds from the $500 million Term Loan B are being used to pay down the existing balance of approximately $370 million on the old Term Loan B with the remaining proceeds being used for general corporate purposes. We are pleased with our bank group’s on-going support and look forward to continuing to execute on our long-term goals.”

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