Gaylord Entertainment Company (NYSE: GET) announced today it closed a $225 million credit facility arranged by Deutsche Bank, Bank of America and CIBC. Proceeds will be used to pay off the Company`s existing $60 million term loan and to complete construction of the 1,511-room Gaylord Opryland Texas Resort & Convention Center, which is on schedule to open in April 2004.
“We are delighted to have closed this facility which will enable us to complete our world-class hotel in Texas. Opening our hotel near Dallas is another important step in our strategy to broaden Gaylord Hotels` network of unique destination resort and convention centers,” said David Kloeppel, executive vice president and chief financial officer of Gaylord Entertainment.
The three-year, floating-rate credit facility is comprised of a $25 million senior revolving facility, a $150 million senior term loan and a $50 million subordinated term loan. The senior loans were priced at LIBOR + 3.50% and the subordinated loan was priced at LIBOR + 8.00%, for a weighted average pricing of LIBOR + 4.50%
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels branded properties, including the Gaylord Opryland Resort & Convention Center in Nashville and the Gaylord Palms Resort & Convention Center in Kissimmee, Fla., and the Radisson Hotel Opryland in Nashville. The company`s entertainment brands include the Grand Ole Opry, the Ryman Auditorium, the General Jackson Showboat, the Springhouse Golf Club, the Wildhorse Saloon and WSM-AM. For more information about the company, visit www.gaylordentertainment.com .