News Column

Ryman Hospitality Properties, Inc. Announces $400 Million Term Loan B

July 5, 2014

By a News Reporter-Staff News Editor at Investment Weekly News -- Ryman Hospitality Properties, Inc. (NYSE:RHP) (the "Company") announced it has added an additional senior secured $400 million term loan (the "Term Loan B") to its existing credit agreement. The new term loan matures in January 2021.

The Term Loan B was fully drawn at closing and bears interest at a rate equal to LIBOR plus a 3.00 percent applicable margin, subject to a LIBOR floor of 0.75 percent. The Term Loan B is secured by (i) a first mortgage lien on the real property of each of the Company's Gaylord Hotels properties, (ii) pledges of the equity interests in the subsidiaries of the Company that own the Gaylord Hotels properties, (iii) the personal property of the Company, the Company's operating partnership and the guarantors of the Term Loan B, and (iv) all proceeds and products from the Company's Gaylord Hotels properties. The lead arranger for the Term Loan B was Deutsche Bank Securities Inc. The joint bookrunners for the Term Loan B were Deutsche Bank Securities Inc., Wells Fargo Securities LLC, J.P. Morgan Securities, LLC, U.S. Bank, National Association and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

The proceeds received from the Term Loan B may be used, as the Company may determine, to repay revolving loans under the Company's existing credit facility and to repay the Company's outstanding 3.75% convertible notes or to settle, in whole or in part, the warrant transactions entered into in connection with the issuance of the 3.75% convertible notes.

Keywords for this news article include: Banking and Finance, Ryman Hospitality Properties Inc.

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Source: Investment Weekly News

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