Ryman Hospitality adjusts conversion rate on 3.75% convertibles

By Tali David

Minneapolis, June 4 - Ryman Hospitality Properties, Inc. said the conversion rate of its outstanding 3.75% convertible notes due 2014 will adjust to 45.5431 per $1,000 principal amount of notes, which is equivalent to a conversion price of $21.96, from a conversion rate of 44.9815 per $1,000 principal amount of notes, equivalent to a conversion price of $22.23 per share.

The adjustment will be effective at the close of business on June 26, according to a filing with the Securities and Exchange Commission.

The conversion rate for the notes is adjusted in connection with the company's June 3 declaration of a cash dividend of $0.50 per share of its common stock to be paid on July 15 to stockholders of record on June 28.

The company's shares (NYSE: RHP) were trading at $36.28 at midday Tuesday.

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

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