Gaylord Entertainment Company Prices Common Stock Offering

Gaylord Entertainment announced the pricing of its previously announced public offering of 6,000,000 shares of its common stock.

In a release dated September 24, Gaylord Entertainment stated:

- The offering price of the common stock is $21.80 per share. Gaylord has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock to cover over-allotments, if any.

- The aggregate net proceeds from the sale of the common stock are expected to be approximately $125.0 million, after deducting underwriting discounts and commissions and estimated expenses, assuming the underwriters do not exercise their option to purchase additional shares of common stock. Gaylord intends to use the net proceeds from the offering, together with other proceeds and with cash on hand, to purchase, redeem or otherwise acquire all of its $259.8 million aggregate principal amount outstanding 8 percent Senior Notes due 2013, including by means of a previously announced tender offer. The remaining balance of the net proceeds from the offering (and other proceeds) may be used for general corporate purposes, which may include acquisitions, future development opportunities for new hotel properties, potential expansions or ongoing maintenance of the existing hotel properties, investments, or the repayment or refinancing of all or a portion of any outstanding indebtedness of Gaylord.

The offering, which is subject to customary conditions, was expected to close on September 29.

Deutsche Bank Securities, BofA Merrill Lynch, Citi and Wells Fargo Securities are acting as the joint book-running managers for the offering. Calyon Securities (USA), KeyBanc Capital Markets, Piper Jaffray and Raymond James are acting as the co-managers for the offering.

Gaylord Entertainment Company, a hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels, its network of meetings-focused resorts, and the Grand Ole Opry, the weekly showcase of country music's performers for more than 80 consecutive years.

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