Ryman Closes $658M Stock Offering, Full Over-Allotment Exercised
RHP sits 48% above its 52-week low of $83.82 on elevated volume (3.8× avg).
Summary
Ryman Hospitality closed its common stock offering, selling 5,865,000 shares at $117 per share after the underwriters fully exercised their over-allotment option. Net proceeds came to approximately $658 million, up from the base 5.1 million share deal announced earlier this week. The funds will go toward the $1.38 billion Grande Lakes Orlando acquisition, with the remaining balance covered by cash on hand and a $700 million senior notes private placement expected to close August 25. The offering priced at a 2.4% discount to the prior close, reflecting typical execution for a deal of this size. The full exercise of the over-allotment signals solid demand from institutional investors.
At the time of this announcement, RHP was trading at $123.99 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $7.8B. The 52-week trading range was $83.82 to $137.46. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.