Ryman Hospitality Properties has commenced an underwritten public offering of 5,100,000 shares of common stock, with an option for underwriters to purchase up to 765,000 additional shares. The company expects to contribute the net proceeds to its operating partnership, which will use them to fund a portion of the approximately $1.38 billion purchase price for the pending acquisition of the JW Marriott Orlando Grande Lakes Resort and The Ritz-Carlton Orlando, Grande Lakes, and to pay related fees and expenses. The balance of the purchase price will be funded with a combination of cash on hand and debt. The offering is not contingent on the acquisition closing, and if the acquisition is not completed, the proceeds will be used for general corporate purposes. BofA Securities, J.P. Morgan, Morgan Stanley, and Wells Fargo Securities are acting as joint book-running managers.
Ryman Hospitality Properties IncAnnounces 5.1 million share offering to fund acquisition, diluting existing shareholders.
JPMorgan Chase & Co
