Gaylord Entertainment Revolving Credit Facility Increased to $100 Million
Entertainment Editors/Business Editors
NASHVILLE, Tenn.--(BUSINESS WIRE)--Dec. 17, 2003--Gaylord Entertainment Company (NYSE:GET) ("Gaylord") today announced that it has entered into an amendment to its revolving credit facility that increases the amount available for borrowing from $65 million to $100 million. Borrowings may be used for general corporate purposes.
"The expansion of our revolver gives us increased liquidity and the financial flexibility to actively pursue growth opportunities as they present themselves," said David Kloeppel, chief financial officer of Gaylord Entertainment. "We are pleased to have the confidence and support of our creditors as we continue to execute our strategy to enhance the Gaylord franchise."
The credit facility has an interest rate equal to, at Gaylord's election, (i) one-, two-, three-month LIBOR plus 3.50% or (ii) the lead bank's prime rate plus 2.25%. The credit facility is secured by a first-priority leasehold mortgage on the Gaylord Palms Resort & Convention Center in Kissimmee, Fla., and is guaranteed by the Company's subsidiaries that are guarantors of Gaylord's senior notes. The credit facility matures on May 22, 2006.
About Gaylord Entertainment
Gaylord Entertainment (NYSE:GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates three industry-leading brands -- Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, ResortQuest International (www.resortquest.com), the nation's largest vacation rental property management company, the Grand Old Opry (www.opry.com), the weekly showcase of country music's finest performers for 78 consecutive years. The Company's entertainment brands and properties include the Radisson Hotel Opryland, Ryman Auditorium, General Jackson Showboat, Springhouse Golf Club, Wildhorse Saloon and WSM-AM. For more information about the Company, visit www.gaylordentertainment.com.
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