Ryman Hospitality to launch $495 million term loan B on Wednesday

By Sara Rosenberg

New York, June 12 – Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) will hold a lender call at 11 a.m. ET on Wednesday to launch a $495 million covenant-light term loan B (Ba3/BB) due May 11, 2024, according to a market source.

Deutsche Bank Securities Inc. is the left bookrunner on the deal.

Price talk on the term loan is Libor plus 200 basis points with a step-down to Libor plus 175 bps when the corporate family rating is Ba3/BB-, a 0% Libor floor and a par issue price, the source said.

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

Proceeds will be used to reprice an existing term loan B down from Libor plus 225 bps with a 0% Libor floor.

Commitments are due at 5 p.m. ET on June 19, 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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