NEWTON, Mass.--(BUSINESS WIRE)--Service Properties Trust (Nasdaq: SVC), or SVC, a Maryland real estate investment trust, or REIT, today announced that it has closed its underwritten public offering of $800 million aggregate principal amount of 7.50% senior unsecured notes due 2025 guaranteed by certain of SVC’s subsidiaries. The Company used the net proceeds from the offering to repay amounts outstanding under its revolving credit facility.

“I am pleased to announce the successful completion of our notes offering during these challenging times,” said John Murray, President and Chief Executive Officer of SVC. “We were pleased with the investor support we received on this transaction, which allowed us to upsize the offering to repay almost all of the amounts outstanding under our $1 billion credit facility, including amounts drawn to tender a substantial amount of our notes coming due in February 2021. With approximately $1 billion in liquidity and no significant debt maturities until 2022, SVC is well positioned to navigate the current environment.”

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful.

About Service Properties Trust

Service Properties Trust is a REIT which owns a diverse portfolio of hotels and net lease service and necessity-based retail properties across the United States and in Puerto Rico and Canada with 148 distinct brands across 23 industries. SVC’s properties are primarily operated under long-term management or lease agreements. SVC is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), or RMR Inc., an alternative asset management company that is headquartered in Newton, Massachusetts.