Welcome to our dedicated page for Service Properties Trust news (Ticker: SVC), a resource for investors and traders seeking the latest updates and insights on Service Properties Trust stock.
Service Properties Trust (Nasdaq: SVC) is a Maryland real estate investment trust focused on hotels and service-focused retail net lease properties. This news page aggregates company announcements, press releases and related updates so readers can follow how SVC’s portfolio, capital structure and distributions evolve over time.
Recent news emphasizes SVC’s hotel disposition program and balance sheet actions. The trust has entered agreements to sell 113 hotels with 14,803 keys for a combined sales price of approximately $913.3 million, excluding closing costs, and has reported the completion of numerous hotel sales across multiple states through a series of Form 8-K filings and Business Wire releases. SVC has stated that it expects to use proceeds from these sales to repay debt, and has provided unaudited pro forma financial information to show the impact of these significant dispositions.
Investors following SVC news will also see updates on financing and debt management, such as the pricing of zero coupon senior secured notes due 2027, early redemptions of senior unsecured notes, and related changes to its revolving credit facility borrowings. Regular quarterly cash distribution announcements on common shares are another recurring news theme, with the company outlining its distribution rate and explaining that future distributions may be adjusted at the discretion of its Board of Trustees.
In addition, SVC’s news flow includes quarterly earnings announcements and conference call details, along with information about hotel management relationships, including hotels managed by Sonesta International Hotels. Bookmark this page to review SVC’s historical and ongoing news items, from asset sales and capital markets transactions to dividend declarations and operating updates.
Service Properties Trust (Nasdaq: SVC) has announced the pricing for its cash tender offer to purchase all of its outstanding $350 million 4.50% Senior Notes due 2025. The offer is detailed in an Offer to Purchase and Consent Solicitation Statement dated May 15, 2024. The total consideration is based on the yield to maturity of the applicable U.S. Treasury Security plus a fixed spread of 35 basis points. The total consideration per $1,000 principal amount is $991.33. The deadline to withdraw tenders has passed, and the settlement date is expected to be June 3, 2024. Citigroup Global Markets Inc. is acting as the dealer manager.
Service Properties Trust (Nasdaq: SVC) announced the early tender results for its $350 million 4.50% Senior Notes due 2025.
As of 5:00 p.m. on May 29, 2024, $271.96 million in principal amount of the Notes were validly tendered and accepted.
Noteholders who tendered their notes by the Early Tender Deadline will receive a total consideration determined by a fixed spread over the yield to maturity of a specified U.S. Treasury security, including an early tender payment of $50 per $1,000 principal amount.
The expected settlement date for tendered notes is June 3, 2024, subject to satisfaction or waiver of all conditions. Additionally, consents were solicited for amendments to the indenture governing the Notes, which SVC intends to effect for any Notes not purchased in the offer.
Service Properties Trust (SVC) has priced underwritten public offerings of $700 million of 8.375% Senior Guaranteed Unsecured Notes due 2029 and $500 million of 8.875% Senior Guaranteed Unsecured Notes due 2032. These notes will be guaranteed by certain subsidiaries and are expected to settle on June 3, 2024, subject to customary closing conditions.
SVC plans to use the proceeds to redeem $800 million of its 7.50% senior unsecured notes due 2025, and to fund the purchase of $350 million of its 4.50% senior unsecured notes due 2025, including any premiums and accrued interest. Any remaining proceeds will be used for general business purposes.
Citigroup, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs, Morgan Stanley, PNC Capital Markets, UBS Securities, and Wells Fargo Securities are the joint book-running managers for the offerings.
Service Properties Trust (Nasdaq: SVC) has initiated a cash tender offer to purchase its outstanding $350,000,000 4.50% Senior Notes due 2025. This offer includes a consent solicitation for amendments to the indenture governing these notes. The offer expires on June 13, 2024, with an early tender deadline of May 29, 2024. Holders tendering by the early deadline receive an additional $50 per $1,000 principal amount. The offer is contingent upon the issuance of new senior unsecured notes, generating sufficient proceeds for the repurchase and settlement of the outstanding notes. Settlement dates are June 3, 2024, and June 17, 2024, for early and final tenders, respectively.
Service Properties Trust (Nasdaq: SVC) announced its Q1 2024 financial results, owning over $11 billion in hotels and retail properties. The results can be accessed on SVC's website. The company held a conference call to discuss the results and is managed by The RMR Group. SVC is a real estate investment trust with a strong presence in the US.
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