Office Properties Income Trust (OPI) announced further amendments to its private exchange offers for outstanding senior unsecured notes due 2026, 2027, and 2031. The company waived the minimum participation condition, which previously required a valid tender of at least $105 million in aggregate principal amount of the Existing 2026 Notes. This waiver removes a hurdle for the exchange offers to proceed.
Additionally, OPI extended the Early Delivery Time for the exchange offers to 5:00 p.m., New York City time, on March 10, 2025. This provides noteholders with more time to tender their notes and receive the Early Exchange Consideration for the new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030.
The decision to waive the minimum participation condition and extend the deadline indicates OPI's commitment to completing the debt restructuring. It also suggests that the initial participation levels may not have met the original threshold, necessitating these adjustments to ensure the success of the offers.
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