Service Properties Trust (SVC) amended the agreement governing its revolving credit facility and exercised its option to extend its maturity date to July 2023. The key terms of the amendment include:

SVC will maintain minimum liquidity of $600 million until it repays or refinances its $500 million of 4.50% senior notes due in June 2023 and maintain at least $150 million of liquidity thereafter.

Restrictions on paying common dividends and issuing secured debt previously agreed to during the existing waiver period were removed, subject to certain conditions.

“These most recent amendments to our credit facility further enhance our financial flexibility and reflect the significant progress made in the operating performance of our hotel portfolio,” Brian Donley, CFO and treasurer of SVC, said.

Wells Fargo Securities, BofA Securities, PNC Capital Markets and RBC Capital Markets acted as joint lead arrangers and joint lead bookrunners for the amendment to SVC’s revolving credit facility agreement. Wells Fargo Bank is the administrative agent for the facility. Bank of America, PNC Bank and Royal Bank of Canada are the syndication agents.