Ryman Hospitality's 3.75% senior notes convertible through March 31

By Marisa Wong

Madison, Wis., Jan. 2 - Ryman Hospitality Properties, Inc. announced that its 3.75% convertible senior notes due Oct. 1, 2014 remain convertible through March 31.

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-day period ended on Dec. 31 was greater than 120% of the conversion price then effect.

The notes are currently convertible at a rate of 46.7774 shares per $1,000 principal amount of notes, which is equal to a conversion price of $21.38 per share.

The company said it has elected to settle each $1,000 principal amount with a cash payment of $1,000 and the remaining conversion value in shares of its common stock.

There is approximately $304.1 million principal amount of notes outstanding.

The Nashville-based real estate investment trust issued the notes in September 2009.

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