Ryman Hospitality Properties, Inc. Announces Upsizing and Pricing of $400 Million of Senior Notes Due 2028

NASHVILLE, Tenn., June 07, 2023 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced today that its subsidiaries, RHP Hotel Properties, LP (the “Operating Partnership”) and RHP Finance Corporation (together, with the Operating Partnership, the “Issuers”), successfully upsized and priced the private placement of $400 million aggregate principal amount of 7.250% senior notes due 2028 (the “Notes”). The aggregate principal amount of the Notes to be issued in the offering was increased to $400 million from the previously announced $300 million. The Notes will be senior unsecured obligations of the Issuers and guaranteed by the Company and its subsidiaries that guarantee its existing credit facility, 4.750% senior unsecured notes due 2027 and 4.50% senior unsecured notes due 2029. Subject to customary closing conditions, the Issuers expect the private placement of the Notes to close on June 22, 2023. The aggregate net proceeds from the sale of the notes are expected to be approximately $393 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.

The Operating Partnership intends to use, upon release from escrow, the net proceeds of this offering and the net proceeds of an underwritten registered public offering of 3,850,000 shares of common stock at a public offering price of $93.25 per share, which priced on June 6, 2023 (the “Common Stock Offering”), together with cash on hand, to fund the approximately $800 million purchase price to acquire the JW Marriott San Antonio Hill Country Resort & Spa located in San Antonio, Texas from BREIT JWM San Antonio LP and BREIT JWM San Antonio TRS LLC (collectively, the “Hill Country Acquisition”) and to pay the related fees and expenses. The gross proceeds of this offering will be deposited into an escrow account and will be released upon the consummation of the Hill Country Acquisition. If the Hill Country Acquisition is not consummated, the Notes will be redeemed in accordance with a special mandatory redemption at a redemption price equal to 100% of the issue price of the Notes, plus accrued and unpaid interest, if any, up to, but excluding, the special mandatory redemption date. The completion of this offering is not contingent upon, and will occur before, the completion of the Hill Country Acquisition, if completed. The Common Stock Offering is expected to close on June 9, 2023, subject to customary closing conditions. The completion of this offering is not contingent upon the completion of the Common Stock Offering, and the completion of the Common Stock Offering is not contingent upon the completion of this offering. The Company cannot assure you that the Common Stock Offering will be completed on its proposed terms, or at all. The Common Stock Offering is being made pursuant to a prospectus supplement and nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy common stock to be issued in the Common Stock Offering.