Gaylord seeks credit facility amendments for acquisition of ResortQuest

New York, Oct. 17 - Gaylord Entertainment Co. said it has asked the lenders under its senior secured credit facility for amendments in connection with its proposed acquisition of ResortQuest International, Inc. and repayment of debt.

The Nashville hospitality and entertainment company is looking for authorization - as required under the terms of the senior secured facility - to prepay its Nashville mezzanine loan and subordinated term loan.

In addition, Gaylord Entertainment has requested amendments to increased the revolver to $50 million and decrease its term loan to $125 million, modify the agreements related to the completion reserve for Gaylord Opryland Texas including reducing the minimum escrowed cash balance to $15 million, and to increase the permitted amounts for certain investments, capital expenditures, unsecured payables, equipment financing and letters of credit. The company has also requested modifications of some financial covenants.

Gaylord Entertainment announced a $225 million offering of 10-year senior notes on Friday with proceeds to repay the subordinated term loan and mezzanine loan and to repay ResortQuest International, Inc. debt.

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