| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2020 > News item |
Service Properties prices oversubscribed tender for 4¼% notes due 2021
By Wendy Van Sickle
Columbus, Ohio, June 16 – Service Properties Trust announced pricing of its tender offer for up to $350 million of its 4¼% notes due 2021 (Cusip: 44106MAU6) on Tuesday, after announcing earlier in the day that it has accepted the maximum tender amount in the offer, which was oversubscribed by the early deadline.
The total consideration per $1,000 will be $1,014.56, based the 1.75% U.S. Treasury security due Nov. 15, 2020 plus 50 basis points. The price was determined at 10 a.m. ET on June 16, and it includes an early tender premium of $50 per $1,000 bond.
The acceptance amount was shy of the total $372,608,000 notes tendered and reflects proration of 93.96% as determined in the offer to purchase, according to a company release.
The early deadline was 5 p.m. ET on June 15.
There had been $400 million principal amount of the issue outstanding.
Because the tendered amount was in excess of the cap, the company will accept no additional tenders, and it plans to make payment for the notes on June 17, or the early settlement date, subject to all conditions to the offer having been satisfied or waived.
The offer was announced on June 3. On June 4 the company increased the tender cap from an initial cap of $100 million.
BofA Securities, Inc. (980 387-3907 or 888 292-0070) and Wells Fargo Securities LLC (704 410-4759 or 866 309-6316) are the dealer managers of the offer. Global Bondholder Services Corp. (212 430-3774 or 212 430-3774) is the information agent.
Service Properties Trust is a Newton, Mass.-based real estate investment trust focused on a portfolio of hotels and net lease service and necessity-based retail properties.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.