Service Properties to borrow remaining $972.8 million under revolver

By Rebecca Melvin

New York, Jan. 19 – Service Properties Trust said it gave notice to its lenders to borrow $972.8 million, which represented the remaining balance of its $1 billion revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

As of Jan. 13, the interest rate payable on borrowings under the revolver was 2.85%.

The company increased its borrowing as a precautionary measure in light of uncertainty in the global markets resulting from the Covid-19 pandemic, it said.

The borrowings may be used for general business purposes.

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.

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