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Press release from Business Wire

Ryman Hospitality Properties, Inc. Refinances and Extends Credit Facility to 2017

Thursday, April 18, 2013

Ryman Hospitality Properties, Inc. Refinances and Extends Credit Facility to 2017

16:10 EDT Thursday, April 18, 2013

NASHVILLE, Tenn. (Business Wire) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) today announced that the Company and its subsidiaries successfully refinanced their $925 million credit facility that was scheduled to mature in August 2015. The increased and extended $1 billion credit facility will mature in April 2017 and is comprised of a $700 million revolving credit line ($154 million of which was drawn at close) and a fully funded $300 million term loan. The Company was able to secure favorable pricing on the facility with initial pricing set at LIBOR + 1.75%. Pricing is determined on a grid pricing structure based on a consolidated funded indebtedness to total asset value ratio. The extended facility reflects both a reduction in the term loan and an increase in the revolving credit line, as well as improved pricing. The previous credit facility was comprised of a $400 million term loan and a $525 million revolving credit line.

With the recently completed private placement of $350 million in principal amount of 5% senior notes due 2021, the Company and its subsidiaries' existing debt has no maturity date prior to 2017, other than the Company's $360 million outstanding 3.75 % convertible notes due in 2014.

“This refinancing of our bank credit facility, coupled with the recent completion of our senior notes offering, further strengthens our balance sheet and enhances our flexibility to take advantage of strategic growth opportunities moving forward,” stated Colin V. Reed, chairman, chief executive officer and president of Ryman Hospitality Properties. “Given the extremely attractive rates at which we were able to complete these transactions, we are confident that the timing was right and that they are in long-term best interest of our Company and our shareholders.”

About Ryman Hospitality Properties, Inc.:

Ryman Hospitality Properties, Inc. (NYSE: RHP), is a REIT for federal income tax purposes, specializing in group-oriented, destination hotel assets in urban and resort markets. The Company's owned assets include a network of four upscale, meetings-focused resorts totaling 7,795 rooms that are managed by world-class lodging operator Marriott International, Inc. under the Gaylord Hotels brand. Other owned assets managed by Marriott International, Inc. include Gaylord Springs Golf Links, the Wildhorse Saloon, the General Jackson Showboat and The Inn at Opryland, a 303-room overflow hotel adjacent to Gaylord Opryland. The Company also owns and operates a number of media and entertainment assets, including the Grand Ole Opry (opry.com), the legendary weekly showcase of country music's finest performers for nearly 90 years; the Ryman Auditorium, the storied former home of the Grand Ole Opry located in downtown Nashville; and WSM-AM, the Opry's radio home. For additional information about Ryman Hospitality Properties, visit www.rymanhp.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements as to the Company's beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding future growth opportunities and the future timing of debt maturities. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with compliance with agreements governing our debt, economic conditions affecting the hospitality business generally, the geographic concentration of the Company's hotel properties, business levels at the Company's hotels, the Company's ability to remain qualified as a REIT, the Company's ability to execute its strategic goals as a REIT or to make strategic acquisitions, and the Company's ability to borrow funds pursuant to its credit agreements and to refinance indebtedness. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

Investor Relations:
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
mfioravanti@rymanhp.com
or
Todd Siefert, 615-316-6344
Vice President of Corporate Finance & Treasurer
tsiefert@rymanhp.com
or
Media:
Ryman Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice President of Corporate Communications
babrahamson@rymanhp.com
or
Sloane & Company
Josh Hochberg, 212-446-1892
jhochberg@sloanepr.com
or
Dan Zacchei, 212-446-1882
dzacchei@sloanepr.com

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