Ryman Hospitality Properties slips on planned equity raise to fund acquisition
RHP•Market context
All 14 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 27.7% year to date.
Deal and financing details
BofA Securities, J.P. Morgan, Morgan Stanley and Wells Fargo Securities are acting as joint book-running managers.
RHP had 63.1 million outstanding shares as of July 31, according to its latest quarterly report.
Shares fall after equity offering announcement
Ryman Hospitality Properties shares fell 4.6% to $115.31 in premarket trading after the lodging and hospitality real estate investment trust unveiled a public offering of 5.1 million shares.
The proceeds will fund a portion of the $1.38 billion acquisition of Grande Lakes Orlando Resort from hospitality-focused real estate investor Trinity Investments.
