Ryman Hospitality Properties, Inc. Announces Upsizing and Pricing of $1.0 Billion of Senior Notes Due 2032

NASHVILLE, Tenn., March 21, 2024 (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 $1.0 billion aggregate principal amount of 6.500% senior notes due 2032 (the “Notes”). The aggregate principal amount of the Notes to be issued in the offering was increased to $1.0 billion from the previously announced $800.0 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, 7.250% senior unsecured notes due 2028 and 4.500% senior unsecured notes due 2029. Subject to customary closing conditions, the Issuers expect the private placement of the Notes to close on March 28, 2024. The aggregate net proceeds from the sale of the notes are expected to be approximately $983 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.

The Operating Partnership intends to contribute a portion of the net proceeds of this offering to its subsidiaries that own the Gaylord Rockies Resort & Convention Center, and such subsidiaries intend to use such net proceeds to prepay the indebtedness outstanding under the Second Amended and Restated Loan Agreement, dated as of July 2, 2019, with Wells Fargo Bank, National Association, as administrative agent, as amended from time to time, and to pay related fees and expenses. The Operating Partnership intends to use the remaining net proceeds, together with cash on hand, to repay, as soon as practicable, approximately $200 million of indebtedness outstanding under the Operating Partnership’s term loan B pursuant to its existing credit facility. There can be no assurance that the offering of the notes will be consummated.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in compliance with 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 reliance on Regulation S under the Securities Act. 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 of the Securities Act.