Service Properties Trust issues $1.2B notes at 8.375%/8.875% to refinance $1.15B of 2025 maturities

Service Properties Trust

Issued $700M 8.375% Senior Notes due 2029 and $500M 8.875% Senior Notes due 2032; net proceeds ~$1.16B.
Used proceeds to purchase $272M of 4.50% 2025 notes via tender and discharge remaining $78M.
Expects to redeem all $800M of 7.50% notes due 2025 on June 4, 2024 using remaining proceeds and cash.
Notes and guarantees are senior unsecured; subject to financial covenants limiting debt incurrence.
Underwriter affiliates held some of the refinanced notes and received pro rata proceeds.

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