Ryman hospitality properties, inc. announces strategic investment in opry entertainment group by atairos and nbcuniversal

Nashville, tenn., april 04, 2022 (globe newswire) -- ryman hospitality properties (nyse: rhp) (“rhp”), a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and country music entertainment experiences, and atairos, an independent strategic investment company focused on supporting growth-oriented businesses, today announced that atairos, along with their long-term strategic partner nbcuniversal, will acquire a 30% minority ownership stake in rhp's subsidiary oeg attractions holdings llc, which directly or indirectly owns the assets that comprise opry entertainment group (“oeg”). atairos' investment values oeg at $1.415 billion, inclusive of oeg's previously announced acquisition of block 21 (which remains subject to certain closing conditions and is expected to close prior to june 1, 2022). atairos has agreed to make an additional $30 million investment in oeg, contingent on certain performance targets being achieved, which would bring oeg's valuation to $1.515 billion. the initial $1.415 billion valuation includes a recapitalization of oeg with a new $300 million term loan b and the assumption of a $137 million cmbs facility for block 21 upon consummation of that transaction. atairos' and nbcuniversal's initial 30% equity investment in oeg will be approximately $293 million, of which atairos is directly investing approximately $278 million and nbcuniversal will directly invest up to approximately $15 million.
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