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Ryman Hospitality secures additional USD400m Term Loan B to existing agreement.

M2 EQUITYBITES-June 19, 2014-Ryman Hospitality secures additional USD400m Term Loan B to existing agreement


A real estate investment trust Ryman Hospitality Properties Inc (NYSE:RHP) added another senior secured term loan worth USD400m (the Term Loan B) that matures in January 2021, to its existing credit agreement, it stated today.

Further, this loan was fully drawn at closing and bears interest at a rate equal to LIBOR plus a 3.00% applicable margin, subject to a LIBOR floor of 0.75%.

Also, the Term Loan B is secured by a first mortgage lien on the real property of each of the company's Gaylord Hotels properties, pledges of the equity interests in its subsidiaries that own the same properties, its personal property, its operating partnership and the guarantors of the Term Loan B and all proceeds and products from its Gaylord Hotels properties, the company mentioned.

The lead arranger for the Term Loan B was Deutsche Bank Securities Inc, while Deutsche Bank Securities Inc, Wells Fargo Securities LLC, JP Morgan Securities LLC, US Bank National Association and Merrill Lynch, Pierce, Fenner & Smith Incorporated were the joint book runners.

All received proceeds from the loan may be used by the company to repay revolving loans under its existing credit facility and to repay outstanding 3.75% convertible notes or to settle, in whole or in part, the warrant transactions signed in connection with the issue of the 3.75% convertible notes, or as it decides.

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Publication:M2 EquityBites (EQB)
Date:Jun 19, 2014
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