secwatch.observer — SEC 8-K summary
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Issuer:     Service Properties Trust (SVC)
CIK:        0000945394
Form:       8-K
Filed at:   2023-07-06T23:59:59+00:00
Accession:  0001104659-23-078734
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Service Properties Trust enters $650M secured credit facility, replacing $800M facility
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- New $650M secured revolving credit facility replaces $800M facility that was maturing July 15, 2023.
- Maturity date is June 29, 2027, with two six-month extension options subject to conditions.
- Interest rate based on SOFR plus margin of 1.50%-3.00% (initially 2.50%) based on leverage ratio.
- Facility secured by 69 properties: 66 hotels and 3 net lease properties; includes amended pledge agreement.
- Financial covenants modified; acceleration upon change of control, including if RMR Group ceases as business manager.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/945394/000110465923078734/0001104659-23-078734-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/945394/000110465923078734/tm2320667d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-078734

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