Service Properties announces $500M common shares offering

Service Properties (SVC) Trust announced that it has commenced a $500M underwritten public offering of its common shares of beneficial interest. SVC expects to use the net proceeds of this proposed offering to redeem all or a portion of the $100M principal amount outstanding of its 4.95% senior notes due 2027 and/or the $450M principal amount outstanding of its 5.50% senior notes due 2027. Yorkville Securities is acting as lead bookrunner and Jones is acting as bookrunning manager of the proposed offering.