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Ryman Hospitality Properties Refinances, Extends Credit Facility

April 19, 2013, 07:32 AM
Filed Under: Facility Amendments

Ryman Hospitality Properties has successfully refinanced its $925 million credit facility that was scheduled to mature in August 2015. The increased and extended $1 billion credit facility will mature in April 2017 and is comprised of a $700 million revolving credit line ($154 million of which was drawn at close) and a fully funded $300 million term loan. The company was able to secure favorable pricing on the facility with initial pricing set at LIBOR + 1.75%. Pricing is determined on a grid pricing structure based on a consolidated funded indebtedness to total asset value ratio. The extended facility reflects both a reduction in the term loan and an increase in the revolving credit line, as well as improved pricing. The previous credit facility was comprised of a $400 million term loan and a $525 million revolving credit line.

With the recently completed private placement of $350 million in principal amount of 5% senior notes due 2021, the Company and its subsidiaries’ existing debt has no maturity date prior to 2017, other than the Company’s $360 million outstanding 3.75 % convertible notes due in 2014.

“This refinancing of our bank credit facility, coupled with the recent completion of our senior notes offering, further strengthens our balance sheet and enhances our flexibility to take advantage of strategic growth opportunities moving forward,” stated Colin V. Reed, chairman, chief executive officer and president of Ryman Hospitality Properties. “Given the extremely attractive rates at which we were able to complete these transactions, we are confident that the timing was right and that they are in long-term best interest of our company and our shareholders.”

Ryman Hospitality Properties, 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.

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