Ryman Hospitality launches $375 million term B at SOFR plus 275 bps

By Sara Rosenberg

New York, May 4 – Ryman Hospitality Properties Inc. (RHP Hotel Properties LP) launched on Thursday its $375 million seven-year covenant-lite term loan B (//BB+) with price talk of SOFR plus 275 basis points with a 0% floor and an original issue discount of 99, according to a market source.

The term loan has no call protection and amortization of 1% per annum.

Security is equity pledges on two borrowing base assets, Gaylord Opryland and Gaylord Texan.

Wells Fargo Securities LLC, BofA Securities Inc., Deutsche Bank Securities Inc., JPMorgan Chase Bank and US Bank are the lead arrangers on the deal.

Commitments are due at noon ET on Wednesday.

Proceeds will be used to refinance an existing term loan B.

Ryman is a Nashville, Tenn.-based real estate investment trust that owns and operates a portfolio of large, group-oriented hotels in urban and resort markets.

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