Press release from Business Wire
Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend, Related Adjustment to Conversion Rate of 3.75% Convertible Notes
Monday, September 16, 2013
Ryman Hospitality Properties, Inc. Declares Third Quarter Dividend, Related Adjustment to Conversion Rate of 3.75% Convertible Notes08:30 EDT Monday, September 16, 2013
NASHVILLE, Tenn. (Business Wire) -- Ryman Hospitality Properties, Inc. (NYSE:RHP) today announced that its Board of Directors declared a cash dividend of $0.50 per share of common stock payable on October 15, 2013 to stockholders of record on September 27, 2013. It is the Company's current plan to distribute total annual dividends of approximately $2.00 per share in cash in equal quarterly payments in April, July, October, and January, subject to the board's future determinations as to the amount of quarterly distributions and the timing thereof.
As a result of the declaration of the dividend, effective immediately after the close of business on September 25, 2013, the conversion rate of the Company's outstanding 3.75 percent convertible notes due 2014 will adjust from a conversion rate of 45.5431 per $1,000 principal amount of notes, which is equivalent to a conversion price of $21.96, to a conversion rate of 46.2165, which is equivalent to a conversion price of $21.64. Pursuant to customary anti-dilution adjustments, effective immediately after the close of business on September 25, 2013, the strike price of our call options related to the convertible notes will be adjusted to $21.64 per share of common stock and the exercise price of the common stock warrants we issued will be adjusted in a similar manner.
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 the expected approach to making dividend payments, the board's ability to alter the dividend policy at any time, and other business or operational issues. 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 economic conditions affecting the hospitality business generally, the geographic concentration of the Company's hotel properties, business levels at the Company's hotels, the effect of the Company's election to be taxed as a REIT for federal income tax purposes effective for the year ending December 31, 2013, the Company's ability to remain qualified as a REIT, the Company's ability to execute its strategic goals as a REIT, the effects of business disruption related to the Marriott management transition and the REIT conversion, the Company's ability to realize cost savings and revenue enhancements from the REIT conversion and the Marriott transaction, the Company's ability to generate cash flows to support dividends, future board determinations regarding the timing and amount of dividends and changes to the dividend policy, which could be made at any time, the determination of Adjusted Funds from Operations and REIT taxable income, 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 and our Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2013 and June 30, 2013. 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.
Ryman Hospitality Properties, Inc.
Mark Fioravanti, 615-316-6588
Executive Vice President and Chief Financial Officer
Todd Siefert, 615-316-6344
Vice President of Corporate Finance & Treasurer
Ryman Hospitality Properties, Inc.
Brian Abrahamson, 615-316-6302
Vice President of Corporate Communications
Sloane & Company
Josh Hochberg, 212-446-1892
Dan Zacchei, 212-446-1882