RHP - Ryman Hospitality Properties refinances $700M credit facility $500M term loan
2023-05-18 17:18:54 ET
Ryman Hospitality Properties ( NYSE: RHP ) said Thursday it refinanced its $700M revolving credit facility and $500M term loan B to extend their maturities and eliminate mortgage collateral requirements in its credit facility.
The REIT extended the maturity of its credit facility from 2024 to 2027, with the option to extend the date for a maximum of one additional year through a single 12-month extension option or two individual six-month extensions.
Pricing will be determined by a leverage-based pricing grid ranging from 140 to 200 basis points over adj. term SOFR or adj. daily simple SOFR. Earlier pricing was 140 to 195 bps over LIBOR.
Ryman ( RHP ) also restructured the credit facility's collateral package by obtaining release of four mortgages, instead providing lenders with equity pledges on two assets. This significantly increases the REIT's unencumbered asset pool.
The REIT refinanced its secured term loan B, with $370M outstanding balance, to a new $500M term loan B.
The loan's maturity has been extended from 2024 to 2030, with pricing of 275 bps over adj. term SOFR or adj. daily simple SOFR.
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Ryman Hospitality Properties refinances $700M credit facility, $500M term loan