Office Properties Income Trust (OPI) announced the final results of its private exchange offers for outstanding senior unsecured notes due 2026, 2027, and 2031. The company accepted $20.99 million in aggregate principal amount of existing notes for exchange. This represents a portion of the total outstanding notes targeted by the offers.
As consideration, OPI expects to deliver $14.439 million in aggregate principal amount of new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030. The settlement date for these exchanges is scheduled for March 12, 2025. The accepted amounts include $6.559 million of 2026 notes, $11.953 million of 2031 notes, and $2.478 million of 2027 notes.
The exchange offers successfully converted a portion of OPI's near-to-medium term unsecured debt into longer-term secured debt. However, the total amount exchanged ($20.99 million) is significantly less than the initial target of up to $175 million, indicating limited participation despite extensions and waivers.
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