Ryman hospitality properties, inc., its subsidiaries, rhp hotel properties, lp and rhp finance corporation complete the tack-on offering of $200 million aggregate principal amount of 4.750% senior notes due 2027
On october 8, 2019, ryman hospitality properties, inc., its subsidiaries, rhp hotel properties, lp and rhp finance corporation (together with the operating partnership, the issuers), and certain other of its subsidiaries named as guarantors (each such subsidiary and the company individually, a guarantor and collectively, the guarantors) completed the previously announced tack-on offering of $200 million aggregate principal amount of 4.750% senior notes due 2027 (the “additional notes”), at an issue price of 101.250% of their aggregate principal amount, plus accrued interest from september 19, 2019. the terms of the additional notes are governed by a base indenture, dated september 19, 2019 (the “base indenture”), by and among the issuers, the guarantors and u.s. bank national association, as trustee, (the “trustee”), as amended and supplemented by a first supplemental indenture, dated october 8, 2019, by and among the issuers, the guarantors and the trustee (together with the base indenture, the “indenture”). the additional notes are guaranteed by the guarantors (the “guarantees”) and constitute a further issuance of the $500 million aggregate principal amount of 4.750% senior notes due 2027 issued on september 19, 2019 (the “existing 2027 notes” and together with the additional notes, the “notes”). as a further issuance of the existing 2027 notes, the additional notes have the same terms as the existing 2027 notes. the additional notes are general unsecured senior obligations of the issuers, ranking equal in right of payment with existing and future senior unsecured indebtedness, including the existing 2027 notes, that portion of the $350 million in aggregate principal amount of the issuers’ 5.00% senior unsecured notes due 2021 that remain outstanding following the completion of the issuers’ tender offer in september 2019 (which will be redeemed on october 21, 2019), $400 million in aggregate principal amount of the issuers’ 5.00% senior unsecured notes due 2023, and senior in right of payment to any future subordinated indebtedness. the additional notes will be effectively junior to any of the issuers’ secured indebtedness to the extent of the value of the assets securing such indebtedness, including the company’s existing credit facility, and structurally subordinated to all indebtedness and other obligations of the operating partnership’s subsidiaries that do not guarantee the additional notes. the guarantees rank equally in right of payment with the applicable guarantor’s existing and future senior unsecured indebtedness and senior in right of payment to any future subordinated indebtedness of such guarantor. the additional notes are effectively junior to any secured indebtedness of any guarantor to the extent of the value of the assets securing such indebtedness and structurally subordinated to all indebtedness and other obligations of the operating partnership’s subsidiaries that do not guarantee the additional notes. interest on the notes will be payable on april 15 and october 15 of each year, beginning on april 15, 2020, with the notes maturing on october 15, 2027.
