Gaylord Entertainment buys back $228M in notes

Gaylord Entertainment says it accepted 85 percent of 2013 notes tendered

• On 11:41 am EDT, Wednesday October 7, 2009

NASHVILLE, Tenn. (AP) -- Hotel and leisure company Gaylord Entertainment Co. said on Wednesday that it has accepted for purchase $228 million, or 85 percent, of its 8 percent senior notes due in 2013.

The notes were tendered by the consent date, which was Tuesday. Holders who tendered it by then were to receive $1,027.92 per $1,000 of principal, plus interest.

The offer to purchase all $259.8 million of the notes expires at 11:59 p.m. EDT Oct. 21. Holders who tender their notes between the consent date and the expiration of the offer will get $1,026.67 per $1,000 in principal, plus interest.

The company has also called for redemption at a price of 102.667 percent of principal, plus interest, on Nov. 15, for all remaining 2013 notes.

Gaylord shares rose 49 cents, or 2.7 percent, to $18.86 in morning trading.