Ryman stock price triggers convertibility of 3.75% notes due 2014

By Tali David

Minneapolis, July 1 - Ryman Hospitality Properties, Inc. said its $360 million of 3.75% convertible senior notes due Oct. 1, 2014, remain convertible through Sept. 30, according to a 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-day period ended on June 28 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 Sept. 30. If shares are delivered, cash will be paid in lieu of fractional shares only.

The notes are currently convertible at a rate of 45.5431 shares of common stock per $1,000 principal amount of notes, which is equal to a conversion price of $21.96 per share.

Ryman's stock (NYSE: RHP) closed at $39.01 on June 28.

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

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