2023-06-06 06:15:07 ET
- Ryman Hospitality Properties ( NYSE: RHP ) said Monday it intends to offer $3.5M of its common stock in an underwritten public offering.
- Underwriters green shoe options is for another 525K shares of common stock.
- The company expects to contribute the net proceeds of the offering to its operating partnership, RHP Hotel Properties, LP.
- Net proceeds of the offering will be used by the operating partnership to fund a portion of the ~$800M purchase price for the previously announced pending acquisition of the JW Marriott San Antonio Hill Country Resort & Spa. The balance of the purchase price of the Hill Country Acquisition will be funded with a combination of cash on hand and debt, which may include borrowings under the Company’s revolving credit facility and/or unsecured debt financing.
- In the event, if the Hill Country Acquisition is not consummated, the company intends to use the net proceeds from the offering for general corporate purposes.
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The final terms and size of the offering will depend on market and other conditions.
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Shares of RHP are down 1.18% after-hours on Monday.
For further details see:
Ryman Hospitality Properties proposes $3.5M stock offering