Service Properties Trust issues $580M zero-coupon secured notes due 2027, redeems $450M 2026 notes

Service Properties Trust

Issued $580.155M aggregate principal at maturity of zero-coupon senior secured notes due September 30, 2027, with one-year extension option.
Net proceeds of ~$490M used to redeem all $450M of 4.750% senior notes due 2026 (expected Oct 16) and reduce revolver.
Notes accrete at 7.50% compounded semiannually; initial accreted value $861.84 per $1,000 principal at maturity.
Notes secured by first-priority liens on equity interests of TA Landlord Subsidiaries (TravelCenters of America properties).
Redemption of 2026 notes includes make-whole premium plus accrued interest; funded from new notes offering.

item 8.01item 9.01

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