Ryman tightens pricing on $400 million covenant-light term loan

By Paul A. Harris

Portland, Ore., June 4 - Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) tightened pricing on its $400 million covenant-light term loan B (Ba3/BB) due January 2021 on Wednesday, according to a market source.

The Libor spread decreased to 300 basis points from 325 bps. The Libor floor decreased to 75 bps from 100 bps. And the discount firmed at 99.5 versus previous price talk of 99 to 99.5.

The 101 soft call protection was extended to one year from six months.

The deal is set to price on Thursday.

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.

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

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