Ryman lifts term loan B to $500 million, revises OID to 99.25

By Sara Rosenberg

New York, May 10 – Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) upsized its seven-year covenant-lite term loan B to $500 million from $375 million and tightened the original issue discount to 99.25 from 99, according to a market source.

As before, the term loan is priced at SOFR plus 275 basis points with a 0% floor and has 101 soft call protection for six months and amortization of 1% per annum.

Security is equity pledges on two borrowing base assets, Gaylord Opryland and Gaylord Texan.

Wells Fargo Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., JPMorgan Chase Bank and US Bank are the lead arrangers on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, the source added.

Allocations are expected on Thursday.

Proceeds will be used to refinance an existing term loan B and, due to the upsizing, for general corporate purposes, including adding cash to the balance sheet.

Ryman is a Nashville-based real estate investment trust that owns and operates a portfolio of large, group-oriented hotels in urban and resort markets.

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