Ryman Hospitality Properties dips after $597 million share sale
RHP•Shares fall after equity raise
Ryman Hospitality Properties' RHP.N shares fell 1.2% to $118.50 in premarket trading after the lodging and hospitality real estate investment trust sold 5.1 million shares at $117 apiece to raise $596.7 million.
The offering was priced at a 2.5% discount to the stock's last close. The stock slipped 0.7% on Monday after Ryman unveiled the equity raise.
Analyst coverage remains positive
All 13 brokerages covering the stock rate it "buy" or higher, with a median price target of $130, according to data compiled by LSEG.
As of the last close, RHP stock was up 26.8% year to date.
Proceeds to help fund Grande Lakes Orlando Resort purchase
Proceeds from the share sale will be used to fund a portion of Ryman's $1.38 billion purchase of Grande Lakes Orlando Resort.
BofA Securities, J.P. Morgan, Morgan Stanley and Wells Fargo Securities acted as joint book-running managers for the offering.
