New Issue: Ryman prices upsized $350 million eight-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., March 27 - Ryman Hospitality Properties, Inc. launched and priced an upsized $350 million issue of eight-year senior notes (B1/BB/) at par to yield 5%, according to a market source.

The yield printed 12.5 basis points inside of price talk that was set in the 5¼% area.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp and Credit Agricole CIB were the joint bookrunners for the deal, which was upsized from $300 million.

The Nashville-based real estate investment trust plans to use the proceeds to repay down its revolver.

Ryman Hospitality specializes in group-oriented, destination hotel assets in urban and resort markets.

Issuer:	Ryman Hospitality Properties, Inc.
Amount:	$350 million, increased from $300 million
Maturity:	April 15, 2021
Securities:	Senior notes
Bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp, Credit Agricole CIB
Co-managers:	Scotia Capital, Capital One South Coast, Raymond James, Sumitomo, TD Securities
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	355 bps
First call:	April 15, 2015 at 103.25
Trade date:	March 27
Settlement date:	April 3
Ratings:	Moody's: B1
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S
Price talk:	5¼% area
Marketing:	Roadshow

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