Gaylord names its price

By Geert De Lombaerde Posted on September 24, 2009 at 8:23 am

The hotel operator is moving forward quickly with its stock and convertible bond offerings. The Nashville-based company will market up to 6.9 million shares at $21.80 — where they ended Wednesday after investors took them down more than 14 percent — and pay 3.75 percent on its new debt.

The latter number is 300 basis points below the rate on the debt Gaylord will pay off with this offering’s proceeds. The convertibles’ strike price is $27.25, a price that Gaylord shares (Ticker: GET) last traded at in October 2008.

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Tags: convertible bonds, debt offerings, Gaylord Entertainment Co., hotel management, stock offerings, stock valuation  

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