Ryman Hospitality Properties, Inc. (NYSE: RHP) stock identified change of 26.37% away from 52-week low price and recently located move of -9.65% off 52-week high price. It has market worth of $4096.59M and dividend yield of 4.43%. RHP stock has been recorded -0.32% away from 50 day moving average and 2.50% away from 200 day moving average. Moving closer, we can see that shares have been trading 1.43% off 20-day moving average.
Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, announced that the joint venture that owns Gaylord Rockies Resort & Convention Center has successfully completed the refinancing of its prior construction loan and mezzanine loan, which were scheduled to mature in December 2019.
The new loan consists of an $800 million term loan and an additional $80 million of borrowing capacity should the joint venture decide to pursue a future expansion. The new loan matures in July 2023 with three, one-year extension options and bears interest at LIBOR plus 2.50%. The loan is secured by a deed of trust lien on the Gaylord Rockies real estate and related assets. In addition, Ryman and an affiliate of the other principal owner entered into limited guaranties of a 10% portion of the principal debt, together with interest and operating expenses. Other than (i) those limited guaranties (which are to be released once the project achieves a certain debt service coverage threshold), (ii) a completion guaranty in the event the expansion is pursued and (iii) customary carve-outs, the loan is entirely non-recourse to Ryman. Wells Fargo is the agent and arranger for the loan. Simultaneously with the loan closing, the joint venture entered into an interest rate swap to fix the LIBOR portion of the interest rate at 1.65% for the first 3 years of the loan. The Gaylord Rockies joint venture will use the loan proceeds to repay the construction and mezzanine loans and, after repayment of expenses, will distribute excess proceeds to its owners.
Ryman Hospitality Properties, which owns 61.2% of the Gaylord Rockies joint venture, expects to receive a distribution of approximately $153 million, which it will use to repay a portion of the outstanding indebtedness under the Ryman revolving credit facility.
Colin Reed, chairman and chief executive officer of Ryman Hospitality Properties, said, “We are pleased to announce this refinancing, which creates a new financing structure that better reflects our long-term position in this venture and frees up additional borrowing capacity under our revolving credit facility.”
The Financial sector company, Ryman Hospitality Properties noticed change of 0.12% to $81.33 along volume of 137874 shares in recent session compared to an average volume of 274.9K. The stock observed return of 2.42% in 5 days trading activity. The stock was at 1.89% over one month performance. RHP’s shares are at -3.13% for the quarter and driving a -2.85% return over the course of the past year and is now at 21.95% since this point in 2018.
The average volatility for the week at 2.28% and for month was at 2.23%. There are 50.37M shares outstanding and 49.78M shares are floated in market. Right now the stock beta is 1.19.
Eugene Harris joined us after more than 10 years of experience in writing financial and business news, most recently as Investment Editor and writer. He also has a vast knowledge of stock trading. Eugene earned bachelor degree from Union College with a focus in Business Administration. Eugene is the Senior Editor and market movers section. He also holds an MBA from Penn State University He has two daughter and two children.
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