Ryman Hospitality announces 2.3M share common stock offering

Ryman Hospitality (RHP) Properties announced that it has commenced an underwritten registered public offering of 2.3M shares of its common stock. The company expects to contribute the net proceeds of the offering to RHP Hotel Properties. The partnership intends to use all of the net proceeds of the offering to fund a portion of the approximately $865M purchase price for the previously announced pending acquisition of the JW Marriott Phoenix Desert Ridge Resort & Spa located in Phoenix, Arizona 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. Morgan Stanley, BofA Securities, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering.