Ryman Hospitality Properties executives plan to sell about $300 million in debt to help them further refresh the company's balance sheet following its conversion to a real estate investment trust.
Officials also say they are in talks with their banks to extend the due date of their $925 million senior secured credit facility beyond August 2015. The pricing and size of that deal also are likely to change, and officials say they expect to sign a new agreement by the end of the second quarter.
Proceeds from the new debt sale — the latest in a series of big corporate finance moves from Nashville-area companies — will go toward paying down some of the balance on the $525 million revolving credit line that makes up the majority of the larger debt package. Ryman execs have since last summer tapped the revolver to help buy out investor Robert Rowling, fund a $100 million share buyback plan and redeem some 6.75 percent debt that was set to mature in November of next year.
Shares of Ryman (Ticker: RHP) were changing hands in Tuesday morning trading at $45.20, up almost 1 percent on the day. They've risen about 18 percent so far this year.