Gaylord Entertainment announces its 3.75% convertible senior notes due Oct. 1, 2014, remain convertible through June 30, 2011
April 1, 2011
– Gaylord Entertainment Company (NYSE: GET) today announced that its 3.75% Convertible Senior Notes due October 1, 2014, remain convertible at the option of the holders through June 30, 2011, the last business day of the current fiscal quarter.
The notes remain convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading-day period ending on March 31, 2011, was greater than 120 percent of the conversion price in effect on such day.
The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered prior to June 30, 2011. If shares are delivered, cash will be paid in lieu of fractional shares only. Issued in September 2009, the notes are currently convertible at a rate of 36.6972 shares of common stock per $1,000 principal amount of notes, which is equal to a conversion price of $27.25 per share.
There is approximately $360 million in aggregate principal amount of notes outstanding.
If all outstanding notes are surrendered for conversion, the aggregate number of shares of common stock issued would be approximately 13.2 million. The notes could be convertible after June 30, 2011, if the sale price condition described above is met in any future fiscal quarter or if any of the other conditions to conversion set forth in the indenture governing the notes are met.
About Gaylord Entertainment
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, and the Grand Ole Opry (www.opry.com), the weekly showcase of country music's finest performers for more than 80 consecutive years. The Company's entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Gaylord Springs Golf Links, Wildhorse Saloon, and WSM-AM. For more information about the Company, visit www.GaylordEntertainment.com.
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