Gaylord Entertainment raises $130.8 million through public offering of common stock

Wed. September 30, 2009; Posted: 02:36 PM

Look up the PowerRating of GET and see how it has performed over the past week as well as the current proprietary PowerRating.

Sep 30, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- GET | Quote | Chart | News | PowerRating -- Gaylord Entertainment Company, a US-based hospitality and entertainment company, has completed its public offering of 6 million shares of its common stock at a price of $21.80 per share raising gross proceeds of $130.8 million.

Update on September 24, 2009:

Gaylord has priced its public offering of 6 million shares of its common stock at a price of $21.80 per share.

Gaylord has granted the underwriters a 30-day option to purchase up to 0.9 million additional shares of common stock to cover over-allotments, if any. The offering is expected to close on September 29, 2009.

Announcement (September 22, 2009):

Gaylord intends to offer 5 million shares of its common stock in an underwritten public offering.

Gaylord intends to grant the underwriters of the common stock offering a 30-day option to purchase up to 0.75 million additional shares of common stock to cover over-allotments, if any.

Deutsche Bank Securities, Inc., Citigroup Global Markets, Inc., Wells Fargo Securities, LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-runners for the offering. Calyon Securities (USA), Inc., KeyBanc Capital Markets, Inc., Piper Jaffray & Co. and Raymond James & Associates, Inc. are acting as underwriters for the offering.

Deal Value (US$ Million) 130.8
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-09-29

Deal Participants

Target (Company) Gaylord Entertainment Company

Deal Rationale

Gaylord intends to use the net proceeds from the offering, together with other proceeds and with cash on hand, to purchase and redeem its $259.8 million aggregate principal amount outstanding 8% senior notes due 2013. The remaining balance of the net proceeds from the offering may be used for general corporate purposes.

Offer Price ($ per share) 21.8
No. Shares Issued         6000000

For full details on Gaylord Entertainment Co (GET) click here. Gaylord Entertainment Co (GET) has Short Term PowerRatings of 4. Details on Gaylord Entertainment Co (GET) Short Term PowerRatings is available at This Link.

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