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Office Properties Income Trust (NASDAQ:OPI) today announced that it has priced $300 million aggregate principal amount of 9.000% senior secured notes due 2029. The closing is expected to occur on February 12, 2024, subject to the satisfaction of customary closing conditions. The new notes will be guaranteed by certain of OPI's subsidiaries and secured by first-priority liens on 17 office properties with a gross carrying value of approximately $574 million and a pledge of the equity interests of the subsidiary guarantors. The net proceeds from the offering, after initial purchaser discounts and estimated offering costs, are expected to be approximately $272 million and will be used, together with borrowings under OPI's secured revolving credit facility, to redeem OPI's 4.250% Senior Unsecured Notes due 2024 (the "2024 Notes").
OPI also announced that it will be providing a notice of early redemption for the 2024 Notes at a redemption price equal to the principal amount of $350 million, plus accrued and unpaid interest to, but excluding, the date of redemption
Posted In: OPI
