Service Properties Trust $1 billion senior secured notes offering
We advised SVC on its high-yield secured notes offering
Davis Polk advised Service Properties Trust (also known by its Nasdaq stock symbol SVC) in connection with a Rule 144A / Regulation S offering of $1 billion aggregate principal amount of its 8.625% senior secured notes due 2031. The notes are guaranteed by certain of SVC’s subsidiaries and secured by the stock of certain subsidiaries.
SVC, headquartered in Newton, Massachusetts, is a real estate investment trust with over $11 billion invested in hotels and service-focused retail net lease properties. SVC is managed by The RMR Group, a leading U.S. alternative asset management company with extensive institutional experience in buying, selling, financing and operating commercial real estate.
The Davis Polk capital markets team included partner Michael Kaplan, counsel John H. Runne and associate Kanger Jin. The finance team included counsel Demian von Poelnitz. The tax team included partner Michael Mollerus and associates Yueyu Yang and Omar Hersi. Counsel Matthew R. Silver provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.