Service Properties Trust Prices $800 Million of Senior Unsecured Notes
Service Properties Trust (Nasdaq: SVC) today announced that it has priced an underwritten public offering of $800 million aggregate principal amount of 7.50% unsecured senior notes due 2025 guaranteed by certain of SVC’s subsidiaries. The settlement of this offering is expected to occur on June 17, 2020, subject to the satisfaction of customary closing conditions. SVC expects to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility.
The joint book-running managers for this offering were BofA Securities, Inc., Wells Fargo Securities, LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., PNC Capital Markets LLC and RBC Capital Markets, LLC. The joint lead managers for this offering were Mizuho Securities USA LLC, Regions Securities LLC, SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc. The co-managers for this offering were Barclays Capital Inc., FHN Financial Securities Corp., Morgan Stanley & Co. LLC and UBS Securities LLC.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. SVC and the guarantors have filed a registration statement including a prospectus and will file a prospectus supplement with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. Before you invest, you should read the prospectus and prospectus supplement, when available, in that registration statement and other documents SVC has filed with the SEC for more complete information about SVC and the guarantors and this offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Copies of the prospectus supplement relating to this offering and the related prospectus may be obtained by calling BofA Securities, Inc. toll-free at 1-800-294-1322 or Wells Fargo Securities, LLC toll-free at 1-800-645-3751.