Ryman Hospitality driving by with $400 million eight-year notes; initial talk 4½%-4¾%

By Paul A. Harris

Portland, Ore., Feb. 9 – Ryman Hospitality Properties, Inc. plans to price a $400 million offering of eight-year senior notes (expected ratings B1/B) in a Tuesday drive-by, according to market sources.

Initial price talk has the notes coming to yield 4½% to 4¾%, according to a bond trader.

J.P. Morgan Securities LLC is leading the Rule 144A and Regulation S offering.

The notes come with three years of call protection.

The notes will be issued by subsidiaries RHP Hotel Properties, LP and RHP Finance Corp.

The Nashville-based hotel, resort, entertainment and media company plans to use the proceeds plus available cash to fund the tender/redemption of $400 million of its notes due 2023, with any remaining proceeds to be used for general corporate purposes.

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