Service Properties Trust Enters New $650 Million Credit Facility
06 Juillet 2023 - 2:00PM
Business Wire
Service Properties Trust (Nasdaq: SVC) today announced that it
has entered into a new $650 million secured revolving credit
facility. The maturity date of the new facility is June 29, 2027,
and includes two six-month extensions at the borrower’s option.
Interest paid on drawings under the new facility will be based on
SOFR plus a margin ranging from 1.50% to 3.00% based on SVC’s
leverage ratio as defined in the agreement and will initially be
2.50%. The new facility is secured by 69 properties (66 hotels and
three net lease properties). The new facility replaces SVC’s
previous $800 million revolving credit facility which had a
maturity date of July 15, 2023.
Wells Fargo Securities, LLC, PNC Capital Markets, LLC, and BMO
Harris Bank, N.A. are the Joint Lead Arrangers and Joint Lead
Bookrunners for the credit facility. Wells Fargo Bank, N.A. is the
Administrative Agent. PNC Bank, National Association and BMO Harris
Bank, N.A. are the Syndication Agents. Citibank, N.A., Bank of
America, N.A. and JPMorgan Chase Bank, N.A., are the Documentation
Agents. Other banks participating in the facility include Morgan
Stanley Bank, N.A. and UBS AG, Stamford Branch, and Goldman Sachs
Bank.
Brian Donley, Chief Financial Officer of SVC,
made the following statement on today’s announcement:
“We greatly appreciate the support of our
bank group and their commitments to SVC. We believe this new credit
facility reflects our improving operating results and demonstrated
ability to refinance debt in the current challenging financing
market. With nothing currently drawn, the new credit facility also
provides us with greater balance sheet flexibility and capacity in
the future.”
About Service Properties Trust:
Service Properties Trust (Nasdaq: SVC) is a real estate
investment trust with over $11 billion invested in two asset
categories: hotels and service-focused retail net lease properties.
As of March 31, 2023, SVC owned 220 hotels with over 37,000 guest
rooms throughout the United States and in Puerto Rico and Canada,
the majority of which are extended stay and select service. As of
March 31, 2023, SVC also owned 765 retail service-focused net lease
properties totaling over 13.3 million square feet throughout the
United States. SVC is managed by The RMR Group (Nasdaq: RMR), an
alternative asset management company with over $37 billion in
assets under management as of March 31, 2023 and more than 35 years
of institutional experience in buying, selling, financing and
operating commercial real estate. SVC is headquartered in Newton,
MA. For more information, visit www.svcreit.com.
WARNING REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. These forward-looking statements are
based upon SVC’s present intent, beliefs and expectations, but
these statements and the implications of these statements are not
guaranteed to occur and may not occur for various reasons, some of
which are beyond SVC’s control. For example, Mr. Donley states that
the refinancing provides SVC with continued balance sheet
flexibility and capacity; however, SVC's business is subject to
various risks, including risks outside its control. As a result,
SVC may not realize the benefits it expects from the
refinancing.
The information contained in SVC’s filings with the Securities
and Exchange Commission, including under the caption “Risk Factors”
in SVC’s periodic reports, or incorporated therein, identifies
other important factors that could cause differences from SVC’s
forward-looking statements. SVC’s filings with the SEC are
available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking
statements.
Except as required by law, SVC does not intend to update or
change any forward-looking statements as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20230705233857/en/
Stephen Colbert, Director, Investor Relations (617) 231-3223
Service Properties (NASDAQ:SVC)
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