Ryman Hospitality Properties, a lodging and hospitality real estate investment trust, has announced the successful completion of a series of refinancing transactions.
The new transaction has extended the maturities of the company’s existing $700m revolving credit facility from 2024 to 2027, with an additional option to extend the new maturity date for a maximum period of one year.
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This option can be exercised either as a single 12-month extension or as two separate six-month extensions.
Pricing of the mentioned credit facility transaction, which was led by financial services company Wells Fargo, will be deduced by a leverage-based pricing grid.
It will range between 140 and 200 basis points over, at the company’s election, Adjusted Term Secured Overnight Financing Rate (SOFR) or Adjusted Daily Simple SOFR, while the previous pricing ranged from 140 to 195 basis points over London Inter-bank Offered Rate.
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Ryman has also completed the restructuring of its collateral package for the credit facility.
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By GlobalDataIn addition, the company has refinanced its $500m Term Loan B, which is comprised of a pending balance of roughly $370m.
After being refinanced to a new $500m Term Loan B, the maturity duration of this term loan has been extended to 2030, while previously it was 2024.
The pricing for this restructuring will be 275 basis points over, at our election, Adjusted Term SOFR/Daily Simple SOFR.
Ryman Hospitality Properties CEO and president Mark Fioravanti said: “We are pleased to take advantage of current capital market conditions to refinance our credit facility and bolster an already solid balance sheet, with terms that provide us additional flexibility through the release of mortgage collateral.
“Proceeds from the $500m Term Loan B are being used to pay down the existing balance of approximately $370m on the old Term Loan B with the remaining proceeds being used for general corporate purposes.
“We are pleased with our bank group’s ongoing support and look forward to continuing to execute our long-term goals.”
