NASHVILLE, TN— Gaylord Entertainment Co. has entered into a new $1-billion senior secured credit facility that will be available to fund the company’s business plan, including the development of the Gaylord National Resort and Convention Center. The $1-billion credit facility replaces the company’s prior $600-million facility. The new facility provides $300 million of revolving credit and $700 million of delayed-draw term loan availability, which both bear interest at a rate equal to LIBOR plus 1.50% or the lead bank’s prime rate plus 0.50%, at Gaylord’s election. The credit facility is secured by a pledge of the company’s hotel properties, is guaranteed by certain of the company’s subsidiaries and will mature on March 9, 2010. As of Dec. 31, 2006, $175 million was drawn on the facility, all of which was under the revolver and none under the delayed-draw term. In addition, approximately $12 million in letters of credit have been issued under the facility. The credit facility was arranged by Banc of America Securities, LLC and Deutsche Bank Securities, Inc.
