Gaylord Checks Into Roomier Credit

When the construction of Gaylord Entertainment's National Resort and Convention Center called for an additional 500 rooms, it also called for additional funding.

  • 06 Apr 2007
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When the construction of Gaylord Entertainment's National Resort and Convention Center called for an additional 500 rooms, it also called for additional funding. "As we saw the hotel was growing in size we approached the banks" for the increased facility, David Kloeppel, cfo, explained. Gaylord upsized its credit to $1 billion and cut 50 basis points off pricing at the same time.

The Nashville, Tenn.-based hospitality and entertainment company bumped up the room count in the D.C. development to 2,000 from the expected 1,500 due to strong demand indicated by advanced booking, Kloeppel explained. The new credit comprises a $300 million revolver, which includes room for $50 million letters of credit facility and $30 million in swingline loans, as well as a $700 million delayed-draw term loan, which can be increased by $100 million. Pricing on the credit was knocked down from LIBOR plus 2% to LIBOR plus 1 1/2%.

The need for additional funds, better performance by the company than banks expected and the state of the markets made it an opportune time to for Gaylord to reprice, Kloeppel explained. The company announced fourth quarter results in February, which included increases in consolidated revenue, hospitality segment revenue and consolidated cash flow.

Gaylord entered into the original $600 million deal with leads Bank of America and Deutsche Bank in March 2005 as it began development. The company has $575 million of outstanding high-yield bonds, led by the two banks as well. "We have a good, efficient facility in place now for the company that should meet our financing needs for the coming months and years," Kloeppel said.

  • 06 Apr 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%