By Paul A. Harris
Portland, Ore., Feb. 9 – Ryman Hospitality Properties, Inc. priced an upsized $600 million issue of eight-year senior notes (existing ratings B1/B) at par to yield 4½% in a Tuesday drive-by, according to market sources.
The issue size increased from $400 million.
The yield printed at the tight end of the 4½% to 4¾% yield talk. Initial guidance was in the 4¾% area.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included BofA Securities Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Credit Agricole CIB and Scotia Capital (USA) Inc.
The notes were sold via RHP Hotel Properties LP and RHP Finance Corp.
The Nashville-based hotel, resort, entertainment and media company plans to use the proceeds plus available cash to fund the tender/redemption of its notes due 2023, with any remaining proceeds to be used for general corporate purposes.
| Issuers: | RHP Hotel Properties LP and RHP Finance Corp.
|
| Amount: | $600 million, increased from $400 million
|
| Maturity: | Feb. 15, 2029
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Credit Agricole CIB and Scotia Capital (USA) Inc.
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 356 bps
|
| Call protection: | Three years
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 17
|
| Existing ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 4½% to 4¾%
|
| Marketing: | Drive-by
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
