Ryman Hospitality Properties, Inc. Announces Pricing of $700 Million of Senior Notes Due 2034

Rhea-AI Summary

Ryman Hospitality Properties (NYSE: RHP) priced a private placement of $700 million aggregate principal amount of 5.750% senior notes due 2034. The offering is expected to close on March 11, 2026, with estimated net proceeds of approximately $687 million.

The Issuers plan to use the net proceeds, together with available cash, to redeem in full the Issuers’ 4.750% senior notes due 2027, including accrued interest and related fees. The Notes will be senior unsecured obligations, guaranteed by the company and certain subsidiaries, and sold under Rule 144A and Regulation S.

Positive

• Issuance of $700M 5.750% senior notes due 2034
• Expected closing on March 11, 2026
• Net proceeds of approximately $687M available for redemption
• Plan to redeem 2027 notes in full, extending maturity

Negative

• New coupon 5.750% exceeds the 2027 notes' 4.750%, raising interest cost
• Private placement under Rule 144A/Reg S limits investor base

News Market Reaction – RHP

-1.50%

1 alert

-1.50% News Effect

On the day this news was published, RHP declined 1.50%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NASHVILLE, Tenn., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) announced today that its subsidiaries, RHP Hotel Properties, LP (the “Operating Partnership”) and RHP Finance Corporation (together with the Operating Partnership, the “Issuers”), successfully priced the private placement of $700 million aggregate principal amount of 5.750% senior notes due 2034 (the “Notes”). The Notes will be senior unsecured obligations of the Issuers and guaranteed by the Company and its subsidiaries that guarantee the Operating Partnership’s existing credit facility and the Issuers’ outstanding senior unsecured notes. Subject to customary closing conditions, the offering is expected to close on March 11, 2026. The aggregate net proceeds from the sale of the Notes are expected to be approximately $687 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses.

The Issuers intend to use the net proceeds of the offering, together with available cash, to redeem in full the Issuers’ 4.750% senior notes due 2027 (the “2027 Notes”), including accrued and unpaid interest on the 2027 Notes and related fees and expenses.

The Notes will be sold only to persons reasonably believed to be qualified institutional buyers in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and will not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy any securities, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release does not constitute a redemption notice for any securities, including the 2027 Notes.

About Ryman Hospitality Properties, Inc.

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The Company’s holdings include Gaylord Opryland Resort & Convention Center; Gaylord Palms Resort & Convention Center; Gaylord Texan Resort & Convention Center; Gaylord National Resort & Convention Center; and Gaylord Rockies Resort & Convention Center, five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company also owns JW Marriott Phoenix Desert Ridge Resort & Spa and JW Marriott San Antonio Hill Country Resort & Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties. The Company’s hotel portfolio is managed by Marriott International and includes a combined total of 12,364 rooms as well as more than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. The Company also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category 10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel and the ACL Live at the Moody Theater, located in downtown Austin, Texas. OEG manages select outdoor live music venues, including Ascend Federal Credit Union Amphitheater in Nashville and, beginning in February 2026, CCNB Amphitheatre in Simpsonville, South Carolina. OEG also owns a majority interest in Southern Entertainment, a leading festival and events business. The Company operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated in the Company’s financial results.

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. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including, but not limited to, the consummation of the offering of the Notes, the intended use of proceeds from such offering and the proposed redemption of the 2027 Notes. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Other factors that could cause actual results to differ from the Company’s beliefs and expectations are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission and include the risk factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Except as required by law, 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.

Investor Relations Contacts: Mark Fioravanti, President and Chief Executive Officer (615) 316-6588 mfioravanti@rymanhp.com Jennifer Hutcheson, Chief Financial Officer (615) 316-6320 jhutcheson@rymanhp.com Sarah Martin, Vice President, Investor Relations (615) 316-6011 sarah.martin@rymanhp.com

Media Contact: Shannon Sullivan, Vice President, Corporate and Brand Communications (615) 316-6725 ssullivan@rymanhp.com

FAQ

What did Ryman Hospitality (RHP) announce about new debt on February 26, 2026?

Ryman priced a private placement of $700 million of 5.750% senior notes due 2034. According to the company, the offering is expected to close on March 11, 2026 with net proceeds of about $687 million.

How will RHP use the proceeds from the $700M 5.750% notes due 2034?

The company intends to use net proceeds and available cash to redeem in full the 4.750% senior notes due 2027. According to the company, redemption includes accrued interest and related fees and expenses.

When will Ryman Hospitality’s $700M notes offering close and become effective?

The offering is expected to close on March 11, 2026. According to the company, closing is subject to customary conditions and the final settlement will consummate the private placement transaction.

Who can buy RHP’s 5.750% senior notes due 2034 offered February 2026?

The Notes will be sold only to qualified institutional buyers and certain non-U.S. persons. According to the company, sales rely on Rule 144A and Regulation S and the Notes are not registered under the Securities Act.

Will the 2034 notes be guaranteed and how does that affect creditors?

The Notes will be senior unsecured obligations guaranteed by the company and certain subsidiaries. According to the company, guarantees align with those for its existing credit facility and outstanding senior unsecured notes.