Ryman Hospitality driving by with $800 million eight-year senior notes; initial talk 6 5/8%-6¾%

By Paul A. Harris

Portland, Ore., March 21 – Ryman Hospitality Properties, Inc. plans to price an $800 million offering of senior notes due 2032 (BB-) in a Thursday drive-by, according to market sources.

Initial guidance has the notes coming to yield 6 5/8% to 6¾%.

The Rule 144A and Regulation S eight-year notes come with three years of call protection.

J.P. Morgan Securities LLC is leading the placement.

The Nashville-based lodging and hospitality real estate investment trust will issue via subsidiaries RHP Hotel Properties, LP and RHP Finance Corp.

Proceeds plus cash on hand will be used to prepay debt of Gaylord Rockies Resort & Convention Center under the second amended and restated loan agreement dated July 2, 2019, with Wells Fargo Bank, NA, as administrative agent.

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