Ryman Hospitality Properties, Inc. Announces Closing of Common Stock Offering

NASHVILLE, Tenn., Dec. 12, 2019 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the a??Companya??) today announced the closing of its previously announced underwritten public offering of 3,000,000 shares of its common stock, par value $0.01 per share, at a price to the public of $85.60 per share (the a??Offeringa??). On December 11, 2019, the underwriters exercised in full their option to purchase an additional 450,000 shares of common stock on the same terms, resulting in aggregate net proceeds of approximately $283 million, after deducting underwriting discounts and commissions and other estimated expenses of the Offering payable by the Company.
BofA Securities, J.P Morgan, Wells Fargo Securities, Deutsche Bank Securities and Raymond James acted as joint book-running managers for the Offering. BTIG, Credit Agricole CIB, Scotiabank, Capital One Securities, Citigroup, SMBC and TD Securities acted as co-managers for the Offering.The Company intends to use a portion of the net proceeds of this Offering to fund the approximately $134 million cash portion of the consideration for the previously announced pending acquisition of Block 21, a mixed-use entertainment, lodging, office and retail complex located in downtown Austin, Texas (the a??Block 21 Acquisitiona??), and the related fees and expenses of the Block 21 Acquisition. The Offering is not conditioned upon consummation of the Block 21 Acquisition. The Company intends to use the remaining net proceeds of the Offering, or all of the net proceeds from the Offering if the Block 21 Acquisition is not consummated, for general corporate purposes, including future acquisitions or investments and the repayment of indebtedness outstanding under the Companya??s existing revolving credit facility.This press release shall not constitute an offer to sell or the solicitation of any offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.About Ryman Hospitality Properties, Inc.
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