| | |
Per
2029 Note |
| |
Total
2029 Notes |
| |
Per
2032 Note |
| |
Total
2032 Notes |
| ||||||||||||
Price to public(1)
|
| | | | 99.001% | | | | | $ | 693,007,000 | | | | | | 98.000% | | | | | $ | 490,000,000 | | |
Underwriting discount
|
| | | | 1.500% | | | | | $ | 10,500,000 | | | | | | 1.500% | | | | | $ | 7,500,000 | | |
Proceeds, before expenses, to Service Properties Trust
|
| | | | 97.501% | | | | | $ | 682,507,000 | | | | | | 96.500% | | | | | $ | 482,500,000 | | |
|
Citigroup
|
| |
BofA Securities
|
| |
J.P. Morgan
|
|
|
BMO Capital Markets
|
| |
Goldman Sachs & Co. LLC
|
| |
Morgan Stanley
|
|
|
PNC Capital Markets LLC
|
| |
UBS Investment Bank
|
| |
Wells Fargo Securities
|
|
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-11 | | | |
| | | | S-16 | | | |
| | | | S-17 | | | |
| | | | S-18 | | | |
| | | | S-38 | | | |
| | | | S-44 | | | |
| | | | S-50 | | | |
| | | | S-50 | | | |
| | | | S-51 | | | |
| | | | S-52 | | | |
| | | | S-52 | | | |
| | | | S-53 | | |
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| | | | | 2 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 6 | | | |
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| | | | | 25 | | | |
| | | | | 38 | | | |
| | | | | 38 | | | |
| | | | | 39 | | | |
| | | | | 40 | | | |
| | | | | 40 | | | |
| | | | | 40 | | |
| | |
As of March 31, 2024
|
| |||||||||
| | |
Actual
|
| |
Pro Forma(1)
|
| ||||||
Cash and cash equivalents
|
| | | $ | 71,287 | | | | | $ | 68,587 | | |
Debt: | | | | | | | | | | | | | |
Secured Floating Rate Debt(2):
|
| | | | | | | | | | | | |
$650,000 revolving credit facility
|
| | | $ | — | | | | | $ | — | | |
Secured Fixed Rate Debt:
|
| | | | | | | | | | | | |
5.600% net lease mortgage notes due 2028(3)
|
| | | | 608,079 | | | | | | 608,079 | | |
8.625% Senior secured notes due 2031(4)
|
| | | | 1,000,000 | | | | | | 1,000,000 | | |
Total fixed rate debt
|
| | | | 1,608,079 | | | | | | 1,608,079 | | |
Subsidiary Guaranteed Unsecured Notes(6):
|
| | | | | | | | | | | | |
7.500% Senior Guaranteed Unsecured Notes due 2025
|
| | | | 800,000 | | | | | | — | | |
5.500% Senior Guaranteed Unsecured Notes due 2027
|
| | | | 450,000 | | | | | | 450,000 | | |
8.375% Senior Guaranteed Unsecured Notes due 2029
|
| | | | — | | | | | | 700,000 | | |
8.875% Senior Guaranteed Unsecured Notes due 2032
|
| | | | — | | | | | | 500,000 | | |
Non-Subsidiary Guaranteed Senior Unsecured Notes:
|
| | | | | | | | | | | | |
4.500% Senior unsecured notes due 2025(5)
|
| | | | 350,000 | | | | | | — | | |
5.250% Senior unsecured notes due 2026
|
| | | | 350,000 | | | | | | 350,000 | | |
4.750% Senior unsecured notes due 2026
|
| | | | 450,000 | | | | | | 450,000 | | |
4.950% Senior unsecured notes due 2027
|
| | | | 400,000 | | | | | | 400,000 | | |
3.950% Senior unsecured notes due 2028
|
| | | | 400,000 | | | | | | 400,000 | | |
4.950% Senior unsecured notes due 2029
|
| | | | 425,000 | | | | | | 425,000 | | |
4.375% Senior unsecured notes due 2030
|
| | | | 400,000 | | | | | | 400,000 | | |
Total senior unsecured notes
|
| | | | 4,025,000 | | | | | | 4,075,000 | | |
Shareholders’ equity
|
| | | | 1,114,669 | | | | | | 1,095,913 | | |
Total capitalization
|
| | | $ | 6,747,748 | | | | | $ | 6,778,992 | | |
Unencumbered Assets
|
| | | | | | |
Adjusted Total Assets(1)
|
| | | $ | 10,651 | | |
(-) Current Encumbered Assets
|
| | | | (3,508) | | |
Total Unencumbered Book Value of Assets
|
| | | | 7,143 | | |
(-) Unencumbered Book Value of Assets of Non-Guarantors(2)
|
| | | | (520) | | |
Total Unencumbered Book Value of Assets of Guarantors
|
| | | | 6,623 | | |
Existing Senior Guaranteed Unsecured Notes due 2027
|
| | | | 450 | | |
Existing Senior Secured Guaranteed Notes due 2031(3)
|
| | | | 1,000 | | |
Senior Guaranteed Unsecured Notes offered hereby
|
| | | | 1,200 | | |
Total “Pari” Debt on Unencumbered Assets
|
| | | | 2,650 | | |
|
Percentage of Senior Guaranteed Unsecured Notes Offered Hereby of “Pari” Guaranteed Notes
|
| | | | 45% | | |
|
Senior Guaranteed Unsecured Notes Offered Hereby Claim of Pari Assets
|
| | | $ | 2,999 | | |
|
Asset Coverage for Senior Guaranteed Unsecured Notes Offered Hereby
|
| | | | 2.5x | | |
Composition of Unencumbered Assets by Asset Type
|
| | | | | | |
Hotels
|
| | | $ | 4,478 | | |
Travel Centers
|
| | | | 1,623 | | |
Other Net Lease Properties
|
| | | | 830 | | |
Other Corporate Assets
|
| | | | 212 | | |
Total Unencumbered Book Value of Assets
|
| | | $ | 7,143 | | |
|
Total assets
|
| | | $ | 7,232 | | |
|
Plus: accumulated depreciation
|
| | | | 3,238 | | |
|
Plus: impairment and other adjustments to reflect original cost of real estate assets
|
| | | | 407 | | |
|
Less: accounts receivable and intangibles
|
| | | | (226) | | |
|
Adjusted total assets
|
| | | $ | 10,651 | | |
| | |
As of
December 31, 2023 |
| |
As of
March 31, 2024 |
| ||||||
Real estate properties, net(1)
|
| | | $ | 4,372,682 | | | | | $ | 4,286,630 | | |
Other assets, net
|
| | | | 552,196 | | | | | | 446,628 | | |
Total assets
|
| | | $ | 4,924,878 | | | | | $ | 4,733,258 | | |
Indebtedness, net
|
| | | $ | 4,961,344 | | | | | $ | 4,964,796 | | |
Intercompany balances(2)
|
| | | | 752,146 | | | | | | 729,097 | | |
Other liabilities
|
| | | | 395,433 | | | | | | 386,804 | | |
Total liabilities
|
| | | $ | 6,108,923 | | | | | $ | 6,080,697 | | |
| | |
Year Ended
December 31, 2023 |
| |
Three Months
Ended March 31, 2024 |
| ||||||
Revenues
|
| | | $ | 1,629,129 | | | | | $ | 372,287 | | |
Expenses
|
| | | | 1,767,742 | | | | | | 448,451 | | |
Net loss
|
| | | $ | (138,613) | | | | | $ | (76,164) | | |
Year
|
| |
2029 notes
percentage |
| |||
2026
|
| | | | 104.188% | | |
2027
|
| | | | 102.094% | | |
2028 and thereafter
|
| | | | 100.000% | | |
Year
|
| |
2032 notes
percentage |
| |||
2027
|
| | | | 104.438% | | |
2028
|
| | | | 102.219% | | |
2029 and thereafter
|
| | | | 100.000% | | |
Underwriter
|
| |
Principal
Amount of 2029 Notes |
| |
Principal
Amount of 2032 Notes |
| ||||||
Citigroup Global Markets Inc.
|
| | | $ | 108,640,000 | | | | | $ | 77,600,000 | | |
BofA Securities, Inc.
|
| | | | 108,570,000 | | | | | | 77,550,000 | | |
J.P. Morgan Securities LLC
|
| | | | 108,570,000 | | | | | | 77,550,000 | | |
BMO Capital Markets Corp.
|
| | | | 62,370,000 | | | | | | 44,550,000 | | |
Goldman Sachs & Co. LLC
|
| | | | 62,370,000 | | | | | | 44,550,000 | | |
Morgan Stanley & Co. LLC
|
| | | | 62,370,000 | | | | | | 44,550,000 | | |
PNC Capital Markets LLC
|
| | | | 62,370,000 | | | | | | 44,550,000 | | |
UBS Securities LLC
|
| | | | 62,370,000 | | | | | | 44,550,000 | | |
Wells Fargo Securities, LLC
|
| | | | 62,370,000 | | | | | | 44,550,000 | | |
Total
|
| | | $ | 700,000,000 | | | | | $ | 500,000,000 | | |
| | |
Underwriting
Discount Paid by Us |
| ||||
Per 2029 Note
|
| | | | 1.500% | | | |
Total
|
| | | $ | 10,500,000 | | | |
Per 2032 Note
|
| | | | 1.500% | | | |
Total
|
| | | $ | 7,500,000 | | | |
| | | | | i | | | |
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