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Ryman Hospitality Properties, Inc. (NYSE:RHP) (the "Company") today announced that it has commenced an underwritten registered public offering (the "Offering") of 2,300,000 shares of its common stock, par value $0.01 per share. The Company expects to grant the underwriters a 30-day option to purchase up to 345,000 additional shares of common stock.
The Company expects to contribute the net proceeds of the Offering to RHP Hotel Properties, LP (the "Operating Partnership"). The Operating Partnership intends to use all of the net proceeds of the Offering to fund a portion of the approximately $865 million purchase price for the previously announced pending acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa located in Phoenix, Arizona (the "Desert Ridge Acquisition") and to pay related fees and expenses of the Desert Ridge Acquisition. The balance of the purchase price of the Desert Ridge Acquisition will be funded with a combination of cash on hand and debt, which may include borrowings under the Operating Partnership's revolving credit facility, unsecured debt financing and/or the assumption of an existing property-level secured loan. The completion of the Offering is not contingent upon, and will occur before, the completion of the Desert Ridge Acquisition. If the Desert Ridge Acquisition is not consummated, the Company will use the net proceeds of the Offering for general corporate purposes.
Posted In: RHP
