By Cristal Cody
Tupelo, Miss., Sept. 13 – Ryman Hospitality Properties, Inc. priced $500 million of eight-year senior notes (B1/BB-) on Friday at par to yield 4¾%, according to an informed source and a news release.
Initial price talk was in the high 4% area.
The notes were issued in a Rule 144A and Regulation S transaction via subsidiaries RHP Hotel Properties, LP and RHP Finance Corp.
Deutsche Bank Securities Inc. was the bookrunner.
The bonds are guaranteed by Ryman Hospitality and subsidiaries that guarantee its existing senior secured credit facility, 5% senior notes due 2021 and 5% senior notes due 2023.
Proceeds will be used to fund a cash tender offer for all $350 million outstanding of the 2021 notes.
Nashville-based Ryman Hospitality is the owner and operator of hotels and media and entertainment assets, including the Grand Ole Opry and the Ryman Auditorium.
| Issuers: | RHP Hotel Properties, LP and RHP Finance Corp.
|
| Guarantor: | Ryman Hospitality Properties, Inc. and subsidiaries that guarantee existing senior secured credit facility, 5% senior notes due 2021 and 5% senior notes due 2023
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 15, 2027
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | High 4% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
