Ryman stock price triggers convertibility of 3.75% notes until June 28

By Tali David

Minneapolis, April 1 - Ryman Hospitality Properties, Inc.'s $360 million of 3.75% convertible senior notes due Oct. 1, 2014 remain convertible through June 28, according to a company press release.

The notes remain convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading days ended on March 31 was greater than 120% of the conversion price in effect on such day.

The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered through June 28. If shares are delivered, cash will be paid in lieu of fractional shares only.

The notes are currently convertible at a rate of 44.9815 shares per $1,000 principal amount of notes, which is equal to a conversion price of $22.23 per share.

Ryman's stock closed at $45.53 (NYSE: RHP) on Thursday.

Ryman Hospitality is a hospitality and entertainment company based in Nashville.

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