Ryman Hospitality Properties, Inc. Announces Upsizing and Pricing of $625 Million of Senior Notes Due 2033

NASHVILLE, Tenn., May 20, 2025 (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 $625 million aggregate principal amount of 6.500% senior notes due 2033 (the “Notes”). The aggregate principal amount of the Notes to be issued in the offering was increased to $625 million from the previously announced $600 million. The Notes will be senior unsecured obligations of the Issuers and guaranteed by the Company and its subsidiaries that guarantee the Operating Partnership’s existing credit facility, 4.750% senior unsecured notes due 2027, 7.250% senior unsecured notes due 2028, 4.500% senior unsecured notes due 2029 and 6.500% senior unsecured notes due 2032. Subject to customary closing conditions, the Issuers expect the private placement of the Notes to close on June 4, 2025. The aggregate net proceeds from the sale of the Notes are expected to be approximately $614 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.

The Operating Partnership intends to use the net proceeds of the offering to fund a portion of the approximately $865 million purchase price for the previously announced pending acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa located in Phoenix, Arizona (the “Desert Ridge Acquisition”) and to pay related fees and expenses of the Desert Ridge Acquisition. The balance of the purchase price of the Desert Ridge Acquisition will be funded with a combination of the net proceeds of an underwritten registered public offering of 2,600,000 shares of common stock at a public offering price of $96.20 per share, which priced on May 19, 2025 (the “Common Stock Offering”), and cash on hand.

If the Desert Ridge 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 the offering is not contingent upon, and will occur before, the completion of the Desert Ridge Acquisition, if completed. The Common Stock Offering is expected to close on May 21, 2025, subject to customary closing conditions. The completion of the 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 the 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 an accompanying base prospectus 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.