Ryman Hospitality adjusts conversion rate on 3.75% convertibles

By Tali David

Minneapolis, Sept. 16 - Ryman Hospitality Properties, Inc. said the conversion rate of its outstanding 3.75% convertible notes due 2014 will adjust to 46.2165 per $1,000 principal amount of notes, which is equivalent to a conversion price of $21.64, from a conversion rate of 45.5431 per $1,000 principal amount of notes, equivalent to a conversion price of $21.96 per share.

The adjustment will be effective at the close of business on Sept. 25, according to a press release.

The conversion rate for the notes is adjusted in connection with the company's declaration of a cash dividend of $0.50 per share of its common stock to be paid on Oct. 15 to stockholders of record on Sept. 27.

The company plans to distribute total annual dividends of about $2 per share in cash in equal quarterly payments in April, July, October and January, subject to the board's future determinations as to the amount of quarterly distributions and the timing thereof.

The company's shares (NYSE: RHP) were at $35.74 at the time of production on Monday.

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

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