Ryman Hospitality launches $400 million term B at Libor plus 325 bps

By Sara Rosenberg

New York, May 28 - Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) launched on Wednesday its $400 million covenant-light term loan B (Ba3/BB) due January 2021 with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99 to 991/2, according to a market source.

The term loan has 101 soft call protection for six months.

Deutsche Bank Securities Inc., Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Bank of America Merrill Lynch and U.S. Bank are the bookrunners on the deal.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.

Commitments are due at noon ET on June 6, the source said.

Ryman is a Nashville, Tenn.-based real estate investment trust specializing in group-oriented, destination hotel assets in urban and resort markets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.