Service Properties Trust Announces Pricing of Tender Offer for its $350,000,000 Outstanding 4.50% Senior Notes Due 2025

About this update from Service Properties Trust - Shares Of Beneficial Interest

[{"type":"text","content":" NEWTON, Mass.--(BUSINESS WIRE)--\nService Properties Trust (Nasdaq: SVC) today announced the pricing of its previously announced cash tender offer, or the Offer, to purchase any and all of its outstanding $350,000,000 aggregate principal amount of 4.50% Senior Notes due 2025 (CUSIP No. 44106MAT9), or the Notes. The terms and conditions of the Offer are described in an Offer to Purchase and Consent Solicitation Statement, dated May 15, 2024.\n\n\nThe total consideration, or the Total Consideration, for the Notes is based on the yield to maturity of the applicable U.S. Treasury Security, or the Reference Yield, plus a fixed spread, as set forth in the table below. The Reference Yield (as determined pursuant to the Offer to Purchase and Consent Solicitation Statement) was determined at 10:00 a.m., New York City time, today, May 30, 2024, by the dealer manager identified below. The following table sets forth certain information regarding the Offer, including the Reference Yield and the Total Consideration:\n\n\n\n\nTitle of\nNotes\n\n\n\n\n\n\nCUSIP/ISIN\n\n\n\n\n\n\n\nReference U.S. Treasury\nSecurity\n\n\n\n\n\n\nReference\nYield\n\n\n\n\n\n\nFixed\nSpread (bps)\n\n\n\n\n\n\nTotal\nConsideration\n(per $1,000)\n\n\n\n\n\n\n\n\n4.50% Senior Notes due 2025\n\n\n\n\n\n\nCUSIP:\n44106M AT9\n\n\n\n\nISIN:\nUS44106MAT99\n\n\n\n\n\n\n1.750% UST due 3/15/2025\n\n\n\n\n\n\n5.287%\n\n\n\n\n\n\n+35 bps\n\n\n\n\n\n\n$991.33\n\n\n\n\n\n\n\nThe deadline to validly withdraw tenders has passed. Accordingly, the Notes that were validly tendered and not withdrawn at or prior to 5:00 p.m., New York City time, on May 29, 2024, may not be withdrawn, except in limited circumstances where additional withdrawal rights are required by law.\n\n\nThe Total Consideration payable by SVC for the Notes, or the Total Consideration, was determined in the manner described in the Offer to Purchase and Consent Solicitation Statement and is equal to a price per $1,000 principal amount intended to result in a yield to maturity equal to the yield to maturity of the applicable U.S. Treasury reference securities specified in the table above, as determined at 10:00 a.m., New York City time, on May 30, 2024, plus the applicable fixed spread specified in the table above. The Total Consideration also includes an early tender payment of $50 per $1,000 principal amount of Note...

More updates from Service Properties Trust - Shares Of Beneficial Interest