NASHVILLE - Ryman (NYSE:RHP) Hospitality Properties, Inc. (NYSE: RHP), a real estate investment trust specializing in upscale convention center resorts, announced today its intent to offer up to $800 million in senior notes due by 2032 through a private placement. The offering, which is subject to market conditions and other factors, will involve senior unsecured obligations guaranteed by the company and certain subsidiaries.
The proceeds from the sale of the notes are intended to be used by the company's subsidiaries that own the Gaylord Rockies Resort & Convention Center. These funds, along with available cash, will be directed towards prepaying existing debt under a loan agreement with Wells Fargo Bank, as well as covering related fees and expenses.
The notes will be available only to qualified institutional buyers and certain non-U.S. persons outside the United States, by the Securities Act of 1933. They have not been registered under the Securities Act and, as such, will not be offered or sold within the United States absent registration or an applicable exemption.
Ryman Hospitality Properties ' portfolio includes prominent properties such as the Gaylord Opryland Resort & Convention Center and the JW Marriott San Antonio Hill Country Resort & Spa, among others managed by Marriott International (NASDAQ:MAR). The company also holds a controlling interest in Opry Entertainment Group, which owns a collection of country music brands.
This announcement is based on a press release statement.
InvestingPro Insights
As Ryman Hospitality Properties, Inc. (NYSE: RHP) looks to strengthen its financial position through the issuance of senior notes, investors are keeping a close eye on the company's performance metrics. According to InvestingPro data, RHP boasts a market capitalization of $7.01 billion, reflecting the scale of its operations within the upscale convention center resort space. The company's P/E ratio stands at 21.72, aligning with the latest adjusted figures from the last twelve months as of Q4 2023.
Ryman's revenue growth is also notable, with a 19.85% increase over the last twelve months as of Q4 2023, underscoring its ability to expand its earnings. Additionally, the company has demonstrated a solid operating income margin of 20.68%, which may reassure investors of its profitability and operational efficiency.
Investors looking for insights into RHP's stock performance will find that it is trading near its 52-week high, with the price at 94.84% of this peak. This could indicate a strong market confidence in the company's future prospects. Furthermore, with a significant six month price total return of 42.49%, Ryman's stock has shown substantial growth, adding to its appeal among investors.
For those seeking a more in-depth analysis, InvestingPro offers additional InvestingPro Tips, including insights on the company's stock price volatility and its ability to meet short term obligations. Currently, there are 8 more tips available which can be accessed at https://www.investing.com/pro/RHP. These tips could provide valuable information for making informed investment decisions.
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