Ryman hospitality properties, inc. enters into sixth amended and restated credit agreement
On october 31, 2019, ryman hospitality properties, inc. entered into a sixth amended and restated credit agreement among the company, as a guarantor, its subsidiary rhp hotel properties, lp, as borrower, certain other subsidiaries of the company party thereto, as guarantors, certain subsidiaries of the company party thereto, as guarantors and as pledgors, the lenders party thereto and wells fargo bank, national association, as administrative agent, which amends and restates the company’s fifth amended and restated credit agreement, dated as of may 11, 2017, as amended pursuant to amendment no. 1 to fifth amended and restated credit agreement, dated as of may 23, 2017 and amendment no. 2 to fifth amended and restated credit agreement, dated as of july 26, 2018 (as amended, the “original credit agreement”). the credit agreement extends the maturity dates for the company’s existing $700 million revolving credit facility (the “revolver”) and $200 million term loan a (the “term loan a facility”) to march 30, 2024 and march 30, 2025, respectively. in addition, the term loan a facility was increased to $300 million and the accordion feature of the credit facility was increased to $600 million from $500 million. the net proceeds of the increase in the term loan a facility, after deducting certain transaction expenses, totaled approximately $94.5 million, which, along with cash on hand, were used to pay down $100 million of the outstanding indebtedness under the company’s $500 million term loan b. the credit agreement reduces the applicable interest rate margins for the loans made under the revolver and term loan a facility under the credit agreement. borrowings under the revolver under the credit agreement bear interest at an annual rate equal to, at option, either (i) libor plus the applicable margin ranging from 1.40% to 1.95%, dependent upon funded debt to total asset value ratio (as defined in the credit agreement) or (ii) a base rate as set forth in the credit agreement. borrowings under the term loan a facility under the credit agreement bear interest at an annual rate equal to, at option, either (i) libor plus the applicable margin ranging from 1.35% to 1.90%, dependent upon funded debt to total asset value ratio (as defined in the credit agreement) or (ii) a base rate as set forth in the credit agreement. the credit agreement did not change the maturity date or applicable margin interest rates for the company’s $500 million term loan b.
