By Paul A. Harris
Portland, Ore., April 9 – Ryman Hospitality Properties, Inc. priced a $400 million issue of eight-year senior notes (B1/BB) at par to yield 5% on Thursday, according to an informed source.
The yield printed at the tight end of yield talk in the 5 1/8% area.
Deutsche Bank Securities Inc. is the left bookrunner for the Rule 144A and Regulation S with registration rights offering. BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc. and Credit Agricole CIB are the joint bookrunners.
The Nashville, Tenn.-based real estate investment trust is issuing via subsidiaries RHP Hotel Properties, LP and RHP Finance Corp.
The company plans to use the proceeds to repay its existing $300 million term loan A and pay down its revolver.
The REIT specializes in group-oriented, destination hotel assets in urban and resort markets.
| Issuers: | RHP Hotel Properties, LP and RHP Finance Corp.
|
| Amount: | $400 million
|
| Maturity: | April 15, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Credit Agricole CIB
|
| Co-managers: | Scotia Capital, Capital One, Raymond James & Associates Inc., SMBC Nikko, TD Securities
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 320 bps
|
| First call: | April 15, 2018 at 103.75
|
| Trade date: | April 9
|
| Settlement date: | April 14
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5 1/8% area
|
| Marketing: | Roadshow
|
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