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Deutsche Bank Securities is Lead Arranger in Ryman’s $400MM Term Loan B

June 19, 2014, 07:12 AM
Filed Under: Real Estate

Ryman Hospitality Properties, Inc. announced today it has added an additional senior secured $400 million term loan (the “Term Loan B”) to its existing credit agreement. The new term loan matures in January 2021.

The lead arranger for the Term Loan B was Deutsche Bank Securities Inc. The joint bookrunners for the Term Loan B were Deutsche Bank Securities Inc., Wells Fargo Securities LLC, J.P. Morgan Securities, LLC, U.S. Bank, National Association and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

The Term Loan B was fully drawn at closing and bears interest at a rate equal to LIBOR plus a 3.00 percent applicable margin, subject to a LIBOR floor of 0.75 percent. The Term Loan B is secured by (i) a first mortgage lien on the real property of each of the Company’s Gaylord Hotels properties, (ii) pledges of the equity interests in the subsidiaries of the Company that own the Gaylord Hotels properties, (iii) the personal property of the Company, the Company’s operating partnership and the guarantors of the Term Loan B, and (iv) all proceeds and products from the Company’s Gaylord Hotels properties.

The proceeds received from the Term Loan B may be used, as the Company may determine, to repay revolving loans under the Company’s existing credit facility and to repay the Company’s outstanding 3.75% convertible notes or to settle, in whole or in part, the warrant transactions entered into in connection with the issuance of the 3.75% convertible notes.

“We are pleased to have completed the addition of the new term loan to our credit facility,” said Colin Reed, chairman, president and chief executive officer for Ryman Hospitality Properties, Inc. “The new term loan was well received by lenders and the favorable pricing and terms of the facility are a signal of the confidence in our strategy and recognition of the value of our assets.”

Ryman Hospitality Properties, Inc., is a real estate investment trust for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets.

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