Ryman Hospitality Properties, Inc. Announces Upsizing and Pricing of $625 Million of Senior Notes Due 2033

Core Viewpoint - Ryman Hospitality Properties, Inc. has successfully upsized and priced a private placement of $625 million in senior notes to fund a portion of the acquisition of JW Marriott Phoenix Desert Ridge Resort & Spa, with expected net proceeds of approximately $614 million after expenses [1][2]. Group 1: Notes Offering - The private placement of senior notes was increased from $600 million to $625 million, with a fixed interest rate of 6.500% due in 2033 [1]. - The notes will be senior unsecured obligations guaranteed by the company and its subsidiaries, which also guarantee existing credit facilities and other senior unsecured notes [1]. - The expected closing date for the notes offering is June 4, 2025, subject to customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the notes offering will be used to fund part of the $865 million purchase price for the Desert Ridge Acquisition and to cover related fees and expenses [2]. - The remaining balance for the Desert Ridge Acquisition will be financed through a public offering of 2,600,000 shares of common stock priced at $96.20 per share, which is expected to close on May 21, 2025 [2][3]. Group 3: Redemption Conditions - If the Desert Ridge Acquisition is not completed, the notes will be subject to a special mandatory redemption at 100% of the issue price plus any accrued interest [3]. - The completion of the notes offering is not contingent upon the Desert Ridge Acquisition, and vice versa [3]. Group 4: Company Overview - Ryman Hospitality Properties, Inc. is a leading lodging and hospitality real estate investment trust specializing in upscale convention center resorts and entertainment experiences [6]. - The company owns several major properties, including Gaylord Opryland Resort & Convention Center and Gaylord Palms Resort & Convention Center, totaling 11,414 rooms and over 3 million square feet of meeting space [6][7]. - Ryman Hospitality also holds a controlling interest in Opry Entertainment Group, which includes iconic country music brands and entertainment venues [6][7].