Ryman Hospitality Properties, Inc. 8-K

What Happened

• On January 28, 2026, Ryman Hospitality Properties, Inc. entered into Amendment No. 1 to its May 18, 2023 Credit Agreement (with Wells Fargo Bank, N.A. as administrative agent) that modifies the company’s Revolving Credit Facility. The amendment increases the Revolving Loan to $850,000,000, removes the SOFR Adjustment, and extends the facility’s initial maturity to January 2030 (with a one‑year maximum extension option).

Key Details

• Revolving loan increased to $850,000,000.
• SOFR Adjustment (an adjustment previously applied to loans tied to SOFR) removed.
• Maturity extended to January 2030, with the option to extend up to one additional year (either a single 12‑month extension or two separate 6‑month extensions).
• Revised financial covenants (applicable solely to the Revolving Credit Facility):
  • Consolidated net leverage ratio ≤ 7.25x.
  • Consolidated fixed charge coverage ratio ≥ 1.50x.
  • Consolidated secured indebtedness ≤ 45% of consolidated total asset value.
  • Consolidated secured recourse indebtedness ≤ 10% of consolidated total asset value.
  • Unencumbered leverage ratio ≤ 60% (can surge to 65% for a material acquisition).
  • Unencumbered adjusted NOI to unsecured interest expense ratio ≥ 2.0x.

Why It Matters

• The amendment increases Ryman’s available liquidity (larger revolver) and pushes out the near‑term maturity, which reduces near‑term refinancing pressure.
• Modified covenants set the financial tests lenders will use to assess the company’s leverage and ability to cover fixed charges; meeting these ratios is important to avoid covenant violations that could restrict operations or access to the facility.
• Removal of the SOFR Adjustment may affect the interest cost calculation for borrowings tied to SOFR-based rates.

The company also disclosed it issued a press release announcing the amendment. The full amendment is filed with the 8‑K for reference.