NASHVILLE, TN Gaylord Entertainment Co. obtained $375 million in financing from affiliates of Merrill Lynch & Co., which will replace the interim financing the company obtained in October 2000. Proceeds from the financing will be used for continuing upgrades to the Opryland Hotel Nashville, construction of the Opryland Hotel Florida, and certain ongoing development activities related to the Opryland Hotel Texas, as well as for general corporate purposes.
The financing, a portion of which is secured by a first mortgage on the Opryland Hotel Nashville, is a three-year arrangement, with the company having the option of two, one-year extensions. (3/28/01)