Gaylord Entertainment buys back $59.9 million in 8%, 6¾% senior notes for $43.6 million

By Devika Patel

Knoxville, Tenn., May 5 - Gaylord Entertainment Co. repurchased $59.9 million of its senior notes for $43.6 million in the first quarter, according to a company earnings report.

The company bought back $39.9 million of its 8% senior notes and $20 million of its 6¾% senior notes, resulting in a pre-tax gain of $16.6 million.

The company used available cash and borrowings under its revolving credit facility to finance the purchases and will consider additional repurchases of its senior notes from time to time depending on market conditions.

Gaylord Entertainment is a Nashville hospitality and entertainment company.

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