Ryman Hospitality Properties (RHP) Prices 3M Common Stock Offering at $85.60/Share

Ryman Hospitality Properties, Inc. (NYSE: RHP) (the “Company”) today announced the pricing of an underwritten public offering of 3,000,000 shares of its common stock, par value $0.01 per share, at a price to the public of $85.60 per share (the “Offering”). The Company also granted the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock. The Offering is expected to close on or about December 12, 2019, subject to customary closing conditions.

The net proceeds to the Company (after deducting underwriting discounts and commissions and other estimated expenses of the Offering payable by the Company) are expected to be approximately $246 million (exclusive of the underwriters’ option), and the Company intends to use a portion of the net proceeds of this Offering to fund the approximately $134 million cash portion of the consideration for the previously announced pending acquisition of Block 21, a mixed-use entertainment, lodging, office and retail complex located in downtown Austin, Texas (the “Block 21 Acquisition”), and the related fees and expenses of the Block 21 Acquisition. The Offering is not conditioned upon consummation of the Block 21 Acquisition. The Company intends to use the remaining net proceeds of this Offering, or all of the net proceeds from this Offering if the Block 21 Acquisition is not consummated, for general corporate purposes, including future acquisitions or investments and the repayment of indebtedness outstanding under the Company’s existing revolving credit facility.

BofA Securities, J.P Morgan, Wells Fargo Securities, Deutsche Bank Securities and Raymond James are acting as joint book-running managers for the Offering. BTIG, Credit Agricole CIB, Scotiabank, Capital One Securities, Citigroup, SMBC and TD Securities are acting as co-managers for the Offering.

The Offering is being conducted pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-235419), which automatically became effective upon filing with the Securities and Exchange Commission (the “SEC”) on December 9, 2019.

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