Office Properties Income Trust (OPI) announced private exchange offers for its outstanding senior unsecured notes due 2026, 2027, and 2031. The company is offering to exchange these existing notes for up to $175 million in aggregate principal amount of new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030. This initiative aims to proactively manage future debt maturities.
The new 2030 notes will be guaranteed by certain of OPI’s subsidiaries, which also guarantee its 3.250% Senior Secured Notes due 2027. The exchange offers have an Early Delivery Time of February 21, 2025, and an Expiration Time of March 10, 2025. Holders tendering notes by the Early Delivery Time will receive higher consideration.
A key condition for the consummation of the exchange offers is the valid tender of at least $105 million in aggregate principal amount of the Existing 2026 Notes. This condition underscores the importance of addressing the nearest-term unsecured debt.
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