Gaylord $360 million 3.75% convertible notes convertible to March 31

By Melissa Kory

Cleveland, Jan. 3 - Gaylord Entertainment Co. announced that its $360 million of 3.75% convertible senior notes due Oct. 1, 2014 are now convertible at the option of holders and will remain convertible through March 31.

The notes became convertible because the company's closing common stock price exceeded 120% of the conversion price in effect for at least 20 trading days during the 30 consecutive trading day period ending on Dec. 31.

Gaylord's stock closed at $35.94 on Dec. 31.

The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered prior to March 31.

The notes are convertible at a rate of 36.6972 shares of common stock per $1,000 principal amount of notes, a conversion price of $27.25 per share.

If all outstanding notes are surrendered for conversion, 13.2 million shares of common stock will be issued.

Gaylord is a Nashville hospitality and entertainment company.

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