Gaylord Inks $185M Buyback Deal To Advance Marriott Sale

Law360, New York (August 7, 2012, 3:35 PM EDT) -- Gaylord Entertainment Co. has repurchased more than 5 million shares of common stock from TRT Holdings Inc. for $185 million, it said Tuesday, in exchange for TRT's support of its plan to restructure as a real estate investment trust and sell its hotel brand rights to Marriott International Inc.

Nashville, Tenn.-based Gaylord, which owns and operates a network of upscale resorts including the famous Grand Ole Opry Hotel and Convention Center in that city, funded the $37-per-share repurchase with borrowings under an existing $925 million credit...
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