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Ryman Hospitality begins offer to purchase 5% notes due 2023
By Taylor Fox
New York, Feb. 9 – Ryman Hospitality Properties, Inc.’s subsidiaries RHP Hotel Properties, LP and RHP Finance Corp. began a cash tender offer for any and all of their outstanding $400 million 5% senior notes due 2023 (Cusip: 749571AD7), according to a news release.
Holders who tender notes will receive in cash $1,005 per $1,000 of notes accepted for purchase, plus interest.
Tendered notes may be validly withdrawn at any time (i) prior to the earlier of the expiration time and, in the event the tender offer is extended, the 10th business day after the start of the offer and (ii) after 60 business days after the start of the tender offer if the offer has not been completed within 60 business days.
The offer is conditioned upon the satisfaction of conditions that may be waived or changed, including the completion of an offering of senior notes generating aggregate proceeds of at least $400 million.
Ryman plans to redeem any of the 2023 notes that remain outstanding after the tender offer at par plus interest on April 15.
The tender offer will expire at 5p.m. ET Feb. 16.
The settlement date is expected to be Feb. 17.
The settlement date for notes tendered using guaranteed delivery procedures is expected to be Feb. 19.
J.P. Morgan Securities LLC (866 834-4666, 212 834-4087) is the dealer manager, and D.F. King & Co., Inc. (212 269-5550, 866 829-0542, rhp@dfking.com) is the tender and information agent.
Nashville-based Ryman Hospitality specializes in group-oriented, destination hotel assets in urban and resort markets.
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