RYMAN HOSPITALITY PROPERTIES, INC. (NYSE:RHP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On June26, 2018, Ryman Hospitality Properties, Inc. (the “Company”), entered into an Amendment No.2 to Fifth Amended and Restated Credit Agreement (the “Amendment”) among the Company, as a guarantor, its subsidiary RHP Hotel Properties, LP (the “Borrower”), as borrower, certain other subsidiaries of the Company party thereto, as guarantors, certain subsidiaries of the Company party thereto, as guarantors and as pledgors, the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent, which amends the Company’s Fifth Amended and Restated Credit Agreement, dated as of May11, 2017, as amended to Amendment No.1 to Fifth Amended and Restated Credit Agreement, dated as of May23, 2017 (the “Credit Agreement” and, together with the Amendment, the “Amended Credit Agreement”).
The Amendment reduces the applicable interest rate margins for the loans made under the existing $500million term loan B (the “Term Loan B Facility”) under the Credit Agreement for Eurodollar rate loans and base rate loans. The applicable interest rate margins for the Term Loan B Facility under the Amendment are (i) 2.00% for Eurodollar rate loans and (ii) 1.00% for base rate loans, which, in each such case, is 0.25% lower than the applicable interest rate margin existing prior to the Amendment. In addition, the Amendment extends the date of commencement of any excess cash flow payments by one year to December31, 2019.
The Amendment did not change the maturity dates existing under the Credit Agreement or result in any increase in principal indebtedness by the Borrower.
Certain lenders under the Amended Credit Agreement or their affiliates have provided, and may in the future provide, certain commercial banking, financial advisory, and investment banking services in the ordinary course of business of the Company, its subsidiaries and certain of its affiliates, for which they receive customary fees and commissions.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June30, 2018.
| Item 1.01. | CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT. |
The information set forth under Item 1.01 above is incorporated by reference into this Item 1.01.
