Ryman Hospitality firms $400 million term loan B at Libor plus 225 bps

By Sara Rosenberg

New York, April 19 – Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) set pricing on its $400 million seven-year covenant-light term loan B at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, according to a market source.

In addition, the issue price on the term loan was changed to par from 99.75, the source said.

As before, the term loan has a 0% Libor floor and 101 soft call protection for six months.

The company also plans on getting a new $200 million term loan A and an extended $700 million revolver.

Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the bookrunners on the deal (Ba3/BB).

Recommitments were due at 10:30 a.m. ET on Wednesday, the source added.

Proceeds will be used to refinance an existing term loan B and to pay down a portion of an outstanding revolver balance.

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

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