Ryman Hospitality adjusts conversion rate on 3.75% convertibles

By Tali Rackner

Norfolk, Va., May 6 - Ryman Hospitality Properties, Inc. said the conversion rate of its outstanding 3.75% convertible notes due 2014 will adjust to 47.9789 shares per $1,000 principal amount of notes, which is equivalent to a conversion price of $20.84, from a conversion rate of 47.4034 shares per $1,000 principal amount of notes, equivalent to a conversion price of $21.10 per share.

The new conversion rate will be effective at the close of business on June 25, according to a press release.

The adjustment is in connection with the company's May 6 declaration of a cash dividend of $0.55 per share of its common stock to be paid on July 15 to stockholders of record on June 27.

The company's shares (NYSE: RHP) closed at $45.57 on Monday.

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

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