Service Properties Trust restates revolver for decreased $650 million

By Wendy Van Sickle

Columbus, Ohio, July 6 – Service Properties Trust amended and restated its revolving credit facility on June 29, downsizing the amount to $650 million from $800 million and extending the maturity date to June 29, 2027 from July 15, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The company has two additional six-month extension options.

Borrowings bear interest at SOFR plus a margin ranging from 150 basis points to 300 bps, depending on leverage ratio. The initial margin is 250 bps.

The new facility will be secured by 69 properties, including 66 hotels and three net lease properties.

Wells Fargo Bank, NA is administrative agent. Wells Fargo Securities, LLC, PNC Capital Markets, LLC and BMO Harris Bank, NA are the lead arrangers and bookrunners. PNC Bank, NA and BMO Harris Bank, NA are the syndication agents, and Citibank, NA is the documentation agent.

Service Properties Trust is a Newton, Mass.-based real estate investment trust that owns a portfolio of hotels and net lease service and necessity-based retail properties.

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