Ryman lifts term loan B to $500 million, firms at Libor plus 225 bps

By Sara Rosenberg

New York, April 19 – Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) upsized its seven-year covenant-light term loan B to $500 million from $400 million and set pricing 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 B 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., Wells Fargo Securities LLC, J.P. Morgan Securities LLC, US Bank, Bank of America Merrill Lynch, Credit Agricole, Bank of Nova Scotia and Capital One 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.

Closing is expected during the week of May 8, the source added.

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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