Ryman Hospitality Properties, Inc. (NYSE: RHP) completed a $700 million private placement of 5.750% senior notes due 2034, the company announced March 11. The notes were issued by subsidiaries RHP Hotel Properties, LP and RHP Finance Corporation.

The company expects net proceeds of approximately $687 million after deducting initial purchasers' discounts, commissions and estimated offering expenses. Ryman plans to use these proceeds along with available cash to redeem its existing 4.750% senior notes due 2027, including accrued interest and related fees.

The notes are senior unsecured obligations guaranteed by Ryman Hospitality Properties and subsidiaries that guarantee the operating partnership's existing credit facility and outstanding senior unsecured notes. The offering was conducted as a private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act of 1933.

Ryman Hospitality Properties operates as a lodging and hospitality real estate investment trust focused on upscale convention center resorts. The company's portfolio includes five Gaylord Hotels properties, two JW Marriott resorts, and two ancillary hotels, totaling 12,364 rooms and more than 3 million square feet of meeting space. The company also owns approximately 70% of Opry Entertainment Group, which operates country music venues including the Grand Ole Opry and Ryman Auditorium.

The information is based on a company press release statement.