By Paul A. Harris
Portland, Ore., Oct. 3 – Ryman Hospitality Properties Inc. priced an upsized $200 million add-on to its 4¾% senior notes due Oct. 15, 2027 (existing ratings B1/BB-) at 101.25 to yield 4.509% in a quick-to-market Thursday trade, according to a market source.
The issue size was increased from $100 million.
The reoffer price came rich to price talk in the 101 area.
Deutsche Bank Securities Inc., BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Credit Agricole CIB and Scotia Capital (USA) Inc. were the joint bookrunners.
The company originally sold $500 million of the notes on Sept. 13. The notes now total $700 million.
The Nashville-based entertainment, lodging and media company plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | Ryman Hospitality Properties Inc.
|
| Amount: | $200 million, increased from $100 million
|
| Maturity: | Oct. 15, 2027
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments Inc., Credit Agricole CIB and Scotia Capital (USA) Inc.
|
| Coupon: | 4¾%
|
| Price: | 101.25
|
| Yield: | 4.509%
|
| Spread: | 309 bps
|
| Trade date: | Oct. 3
|
| Settlement date: | Oct. 8
|
| Existing ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 101 area
|
| Marketing: | Quick to market
|
| Original issue: | $500 million priced on Sept. 13, 2019
|
| Total issue size: | $700 million
|
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