OFFICE PROPERTIES INCOME TRUST: debt financing — OPI enters $325M secured revolver and $100M term loan, replacing $750M unsecured facility

OFFICE PROPERTIES INCOME TRUST

New $325M secured revolver and $100M secured term loan replace $750M unsecured facility maturing Jan 31, 2024; maturity Jan 29, 2027.
Borrowed $132M under revolver and full $100M term loan on closing; proceeds used to repay old facility, fees, and general purposes.
Interest rate is SOFR + 3.50%; facility secured by 19 properties with gross carrying value $941.9M.
Covenants limit dividend increases above current $0.01/share/quarter and restrict additional debt.
Change of control includes RMR Group LLC ceasing as business manager.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

OFFICE PROPERTIES INCOME TRUST incurred credit facility of $325.0 million secured revolving credit facility and a $100.0 million secured term loan with Wells Fargo Bank, National Association at SOFR plus a margin of 3.50% maturing January 29, 2027.

Instrument: credit facility
Principal: $325.0 million secured revolving credit facility and a $100.0 million secured term loan
Counterparty: Wells Fargo Bank, National Association
Rate: SOFR plus a margin of 3.50%
Maturity: January 29, 2027
Event: incurrence

Exact text from the filing

On January 29, 2024, we and certain of our subsidiaries entered into a second amended and restated credit agreement, or the Credit Agreement, with Wells Fargo Bank, National Association, as administrative agent and a lender, and a syndicate of other lenders, governing a $325.0 million secured revolving credit facility and a $100.0 million secured term loan.

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Source: SEC EDGAR

accession 0001104659-24-007865

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