OPI offers exchange of up to $610M existing notes for new 9% secured notes due 2029

OFFICE PROPERTIES INCOME TRUST

Exchange offers cover 4 series of unsecured notes due 2025/2026/2027/2031 for up to $610M of new 9.000% senior secured notes due 2029.
New notes secured by first-priority liens on 19 properties ($722M Adjusted Total Assets) and second-priority on 19 more ($1.0B).
Conditions: at least $97.5M of 2025 notes tendered and $488M of new notes issued; offers expire May 30, 2024 (early delivery May 14).
Early consideration per $1,000: 2025 notes $938, 2031 notes $515, 2027 notes $610, 2026 notes $720; late consideration ~$20 less each.
New notes unregistered and restricted to QIBs and non-US persons; no registration rights provided.

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