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v3.23.3

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt |
Summary of Debt and Finance Lease Obligations | The Company’s debt and finance lease obligations at September 30, 2023 and December 31, 2022 consisted of (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2023 |  | 2022
$700M Revolving Credit Facility, interest at SOFR plus 1.50%, maturing May 18, 2027 | ​ | $ | — | ​ | $ | —
$500M Term Loan B, interest at SOFR plus 2.75%, maturing May 18, 2030 | ​ |  | 497,500 | ​ |  | 371,250
$400M Senior Notes, interest at 7.25%, maturing July 15, 2028 | ​ |  | 400,000 | ​ |  | —
$600M Senior Notes, interest at 4.50%, maturing February 15, 2029 | ​ |  | 600,000 | ​ |  | 600,000
$700M Senior Notes, interest at 4.75%, maturing October 15, 2027 | ​ |  | 700,000 | ​ |  | 700,000
$800M Gaylord Rockies Term Loan, interest at SOFR plus 2.50%, maturing July 2, 2024 | ​ |  | 800,000 | ​ |  | 800,000
$300M OEG Term Loan, interest at SOFR plus 5.00%, maturing June 16, 2029 | ​ |  | 297,000 | ​ |  | 299,250
$65M OEG Revolver, interest at SOFR plus 4.50%, maturing June 16, 2027 | ​ |  | — | ​ |  | —
Block 21 CMBS Loan, interest at 5.58%, maturing January 5, 2026 | ​ | ​ | 132,582 | ​ | ​ | 134,636
Finance lease obligations | ​ | ​ | 846 | ​ | ​ | 685
Unamortized deferred financing costs | ​ | ​ | (38,332) | ​ | ​ | (30,482)
Unamortized discounts and premiums, net | ​ | ​ | (14,809) | ​ | ​ | (12,747)
Total debt | ​ | $ | 3,374,787 | ​ | $ | 2,862,592
Schedule of Fair Value of the Company's Derivative Financial Instruments | The estimated fair value of the Company’s derivative financial instruments at September 30, 2023 and December 31, 2022 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Estimated Fair Value
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Asset (Liability) Balance
​ | ​ | ​ | ​ | Strike | ​ | ​ | ​ | ​ | ​ | Notional | ​ | September 30, | ​ | December 31,
Hedged Debt | ​ | Type | ​ | Rate | ​ | Index | ​ | Maturity Date | ​ | Amount | ​ | 2023 | ​ | 2022
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2235% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | $ | 87,500 | ​ | $ | - | ​ | $ | 1,096
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2235% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | ​ | 87,500 | ​ | ​ | - | ​ | ​ | 1,096
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2235% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | ​ | 87,500 | ​ | ​ | - | ​ | ​ | 1,096
Term Loan B | ​ | Interest Rate Swap | ​ | 1.2315% | ​ | 1-month LIBOR | ​ | May 11, 2023 | ​ | ​ | 87,500 | ​ | ​ | - | ​ | ​ | 1,093
Gaylord Rockies Term Loan | ​ | Interest Rate Swap | ​ | 3.3410% | ​ | 1-month LIBOR | ​ | August 1, 2023 | ​ | ​ | 800,000 | ​ | ​ | - | ​ | ​ | 6,969
Gaylord Rockies Term Loan | ​ | Interest Rate Swap | ​ | 5.2105% | ​ | Daily SOFR | ​ | July 2, 2024 | ​ | ​ | 800,000 | ​ | ​ | 864 | ​ | ​ | -
OEG Term Loan | ​ | Interest Rate Swap | ​ | 4.5330% | ​ | 3-month SOFR | ​ | December 18, 2025 | ​ | ​ | 100,000 | ​ | ​ | 616 | ​ | ​ | (1,164)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,480 | ​ | $ | 10,186
Summary of Effect of Derivative Financial Instruments on the Accompanying Consolidated Statements of Operations | The effect of the Company’s derivative financial instruments on the accompanying condensed consolidated statements of operations for the respective periods is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gain (Loss) | ​ | ​ | ​ | ​ | ​ | Amount of Gain (Loss) | ​
​ | ​ | Recognized in OCI | ​ | ​ | ​ | ​ | ​ | Reclassified from Accumulated | ​
​ | ​ | on Derivatives | ​ | Location of Gain (Loss) | ​ | OCI into Income (Expense) | ​
​ | ​ | Three Months Ended | ​ | Reclassified from | Three Months Ended | ​
​ | ​ | September 30, | ​ | Accumulated OCI | ​ | September 30, | ​
​ | ​ | 2023 | ​ | 2022 |  | into Income (Expense) |  | 2023 | ​ | 2022 |
Derivatives in Cash Flow Hedging Relationships: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | 1,562 | ​ | $ | 7,453 | ​ | Interest expense | ​ | $ | 1,578 | ​ | $ | (251) | ​
Total derivatives | ​ | $ | 1,562 | ​ | $ | 7,453 | ​ | ​ | ​ | ​ | ​ | $ | 1,578 | ​ | $ | (251) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Amount of Gain (Loss) | ​ | ​ | ​ | ​ | ​ | Amount of Gain (Loss) | ​
​ | ​ | Recognized in OCI on | ​ | ​ | ​ | ​ | ​ | Reclassified from Accumulated | ​
​ | ​ | Derivatives | ​ | Location of Gain (Loss) | ​ | OCI into Income (Expense) | ​
​ | ​ | Nine Months Ended | ​ | Reclassified from | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | Accumulated OCI | ​ | September 30, | ​
​ | ​ | 2023 | ​ | 2022 |  | into Income (Expense) |  | 2023 | ​ | 2022 |
Derivatives in Cash Flow Hedging Relationships: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate swaps | ​ | $ | 3,029 | ​ | $ | 15,642 | ​ | Interest expense | ​ | $ | 11,734 | ​ | $ | (6,375) | ​
Total derivatives | ​ | $ | 3,029 | ​ | $ | 15,642 | ​ | ​ | ​ | ​ | ​ | $ | 11,734 | ​ | $ | (6,375) | ​

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