Ryman Hospitality gets $161.95 million tenders of 5% notes due 2023

By Taylor Fox

New York, Feb. 17 – Ryman Hospitality Properties, Inc.’s subsidiaries RHP Hotel Properties, LP and RHP Finance Corp. announced the final results of its cash tender offer for any and all outstanding $400 million 5% senior notes due 2023 (Cusip: 749571AD7), according to a news release.

As of the 5p.m. ET Feb. 16 expiration time, $161,946,000 of the notes, or 40.49%, were tendered and not validly withdrawn, excluding $18,449,000 of the notes tendered pursuant to guaranteed delivery procedures.

Ryman accepted for purchase and paid for all 2023 notes validly tendered on Wednesday.

As previously reported, holders who tender notes will receive in cash $1,005 per $1,000 of notes accepted for purchase, plus interest.

The offer was 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 the 2023 notes that remain outstanding after the tender offer at par plus interest on April 15.

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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