Ryman Hospitality Properties, Inc. Announces Closing of $700 Million of 5.750% Senior Notes due 2034

Rhea-AI Summary

Ryman Hospitality Properties (NYSE: RHP) completed a private placement of $700 million aggregate principal amount of 5.750% senior notes due 2034. The Notes are senior unsecured obligations, guaranteed by the company and certain subsidiaries.

Net proceeds are expected to be approximately $687 million, which, together with available cash, will be used to redeem in full the Issuers' 4.750% senior notes due 2027, including accrued interest and related fees. The Notes were sold under Rule 144A and Regulation S and were not registered under the Securities Act.

Positive

• Raised $700 million of long‑dated debt maturing in 2034
• Net proceeds of approximately $687 million earmarked to redeem 2027 notes in full

Negative

• New coupon is 5.750%, higher than the 4.750% 2027 notes
• Notes were sold in a private placement under Rule 144A/Reg S, limiting immediate market liquidity

News Market Reaction – RHP

+0.71%

+0.71% Session close to close

In the Mar 11 session, RHP gained 0.71%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement finalizes RHP’s previously outlined refinancing, closing the private placement of ...

Analysis

This announcement finalizes RHP’s previously outlined refinancing, closing the private placement of $700M in 5.750% senior notes due 2034 and positioning the company to redeem its 4.750% notes due 2027. It follows earlier steps to upsize and extend an $850M revolving credit facility and record 2025 results. Key factors to watch include the impact of higher coupon debt on interest expense, execution of the 2027 note redemption, and how management balances growth investments with leverage over time.

Key Figures

Senior notes size: $700 million Coupon rate: 5.750% Net proceeds: $687 million +5 more

8 metrics

Senior notes size $700 million Aggregate principal amount of 5.750% senior notes due 2034

Coupon rate 5.750% Interest rate on new senior notes due 2034

Net proceeds $687 million Estimated net proceeds after discounts and expenses

Redeemed notes coupon 4.750% Coupon on senior notes due 2027 to be redeemed

Redemption maturity 2027 Maturity year of senior notes being redeemed in full

New notes maturity 2034 Maturity year of new senior notes

Rule 144A Rule 144A Exemption used for U.S. qualified institutional buyers

Regulation S Regulation S Exemption used for certain non-U.S. investors

Historical Context

5 past events · Latest: Mar 02 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 02	Investor presentation	Neutral	+1.0%	Investor presentation released ahead of two institutional investor conferences.
Feb 25	Debt pricing update	Negative	-1.5%	Pricing of $700M 5.750% senior notes due 2034 for planned refinancing.
Feb 25	Debt offering proposed	Negative	-1.5%	Announcement of proposed $700M senior notes due 2034 private offering.
Feb 23	Earnings results	Positive	-0.3%	Record Q4 and 2025 revenue, strong EBITDAre and dividend plans for 2026.
Jan 28	Credit facility refi	Positive	+1.3%	Refinancing and upsizing of revolver to $850M with extended maturity.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

RHP’s stock has mostly moved in line with past financing and corporate updates, with one notable divergence on strong earnings.

Recent Company History

Over the last few months, RHP has focused on balance sheet and liquidity moves alongside record 2025 results. It refinanced and upsized its revolver from $700M to $850M in late January and later proposed and priced $700M of senior notes due 2034 to redeem 4.750% notes due 2027. Earnings showed record Q4 and full-year revenue, plus a $1.20 Q1 2026 dividend and a minimum $4.80 per-share dividend target for 2026. The current closing announcement follows through on the previously priced notes.

Key Terms

senior notes, senior unsecured obligations, qualified institutional buyers, rule 144a, +3 more

7 terms

senior notes financial

"completed the previously announced private placement of $700 million aggregate principal amount of 5.750% senior notes due 2034"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

senior unsecured obligations financial

"The Notes are senior unsecured obligations of the Issuers and guaranteed by the Company"

Senior unsecured obligations are loans or bonds that a company promises to pay back with its own money, but without any special guarantees or collateral. If the company runs into financial trouble, these debts are paid after other debts with priority, meaning they are less protected but still important. They matter because they show how risky it is to lend money to a company.

qualified institutional buyers financial

"sold only to persons reasonably believed to be qualified institutional buyers in compliance with Rule 144A"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

rule 144a regulatory

"qualified institutional buyers in compliance with Rule 144A under the Securities Act of 1933"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

regulation s regulatory

"to certain non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

accrued and unpaid interest financial

"to redeem in full the Issuers’ 4.750% senior notes due 2027 ... including accrued and unpaid interest"

Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.

redemption notice regulatory

"This press release does not constitute a redemption notice for any securities, including the 2027 Notes"

A redemption notice is a formal announcement from the issuer of a bond, preferred share or similar security that it will repay and retire that instrument on a specified future date. It matters to investors because it sets when they will get their principal (and any final payment) back, which affects income timing, reinvestment plans and the security’s market value—think of it like being told when a rented tool must be returned so you can plan what to do next.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NASHVILLE, Tenn., March 11, 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”), completed the previously announced private placement of $700 million aggregate principal amount of 5.750% senior notes due 2034 (the “Notes”). The Notes are 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. 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 were 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 were not registered under the Securities Act and may 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 intended use of proceeds from the offering of the Notes and the pending 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 on March 11, 2026 about new debt?

Ryman Hospitality issued $700 million of 5.750% senior notes due 2034 as a private placement. According to the company, net proceeds are expected to be about $687 million and will be used to redeem the 2027 notes in full.

How will the RHP 5.750% notes due 2034 affect the 2027 notes?

The Issuers intend to use proceeds and cash to redeem the Issuers' 4.750% senior notes due 2027 in full. According to the company, redemption includes accrued unpaid interest and related fees and expenses.

Who was eligible to purchase Ryman Hospitality's new 2034 notes (RHP)?

The Notes were sold only to qualified institutional buyers and certain non‑U.S. persons outside the United States. According to the company, the sale relied on Rule 144A and Regulation S exemptions from registration.

Are Ryman Hospitality's 2034 notes registered under the Securities Act (RHP)?

No, the 2034 notes were not registered under the Securities Act and cannot be offered or sold in the U.S. without registration or an exemption. According to the company, the offering used Rule 144A and Regulation S.

What are the key financial figures for RHP's March 11, 2026 offering?

Key figures: $700 million aggregate principal at 5.750% due 2034 and expected net proceeds of ~$687 million. According to the company, proceeds plus cash will redeem the 2027 notes.