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Moody's rates Gaylord Entertainment notes B3
Moody's Investors Service said it assigned a B3 rating to Gaylord Entertainment Co.'s proposed $200 million guaranteed senior unsecured notes due 2014.
Moody's also affirmed the B3 rating on Gaylord's $350 million 8% guaranteed senior notes, due 2013, the B2 senior implied rating and Caa1 senior unsecured issuer rating. The outlook is stable.
Proceeds from the proposed $200 million guaranteed senior unsecured note offering will be used to repay about $200 million of secured debt at Gaylord Nashville operating subsidiary.
Moody's said the ratings assignment and affirmation reflect Gaylord's high leverage, relatively weak coverage and tight liquidity, as well as the limited scope and modest scale of its operations compared to others in the industry and the risk associated with its current growth strategy.
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