Service Properties Trust Announces a Tender Offer for up to $100,000,000 of its Outstanding 4.25% Senior Notes Due 2021

Nachrichtenquelle: Business Wire (engl.)
02.06.2020, 15:09  |  258   |   |   

Service Properties Trust (Nasdaq: SVC), or SVC, a Maryland real estate investment trust, or REIT, announced today that it has commenced a cash tender offer, or the Offer, to purchase up to $100,000,000 of its outstanding $400,000,000 aggregate principal amount of 4.25% Senior Notes due 2021 (CUSIP No. 44106M AU6), or the Notes.

The following table sets forth some of the terms of the Offer:

Title of Security

CUSIP
Number

Principal Amount
Outstanding

Tender Cap
(Principal
Amount)

Reference U.S.
Treasury
Security

Bloomberg
Reference
Page(1)

Fixed Spread
(basis points)

Early Tender
Premium
(per $1,000)

4.25% Senior Notes due 2021

44106M AU6

$400,000,000

$100,000,000

1.75% UST due 11/15/2020

FIT3

50 bps

$50

  1. The applicable page on Bloomberg from which the Dealer Managers will quote the bid-side price of the reference U.S. Treasury Security. In the above table, “UST” denotes a U.S. Treasury Security.

The Offer is being made upon, and is subject to, the terms and conditions set forth in the Offer to Purchase, dated June 2, 2020, or the Offer to Purchase, and the related Letter of Transmittal. The Offer will expire at 11:59 p.m., New York City time, on June 29, 2020, unless extended by SVC, or the Expiration Date, or earlier terminated. Tenders of Notes may be withdrawn at any time at or prior to 5:00 p.m., New York City time, on June 15, 2020, which is both the Early Tender Deadline and the Withdrawal Deadline, but may not be withdrawn thereafter except in certain limited circumstances as described in the Offer to Purchase.

The total consideration, or the Total Consideration, to be paid in the Offer for Notes that are validly tendered and not withdrawn at or prior to the Early Tender Deadline and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to a fixed spread over the yield to maturity of the Reference U.S. Treasury Security specified in the table above and in the Offer to Purchase and will include an early tender premium of $50 per $1,000 principal amount of the Notes accepted for purchase, or the Early Tender Premium. Holders of Notes who validly tender their Notes following the Early Tender Deadline and prior to the Expiration Date will only receive the applicable “Tender Offer Consideration” per $1,000 principal amount of any such Notes tendered by such holders that are accepted for purchase, which is equal to the Total Consideration minus the Early Tender Premium. The Total Consideration will be determined at 10:00 a.m., New York City time, on June 16, 2020 unless extended by SVC, or the Tender Offer Price Determination Date.

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