debt
confidence high
sentiment neutral
materiality 0.75
OPI amends exchange offers for up to $610M of 9% secured notes due 2029; extends expiration to June 10
OFFICE PROPERTIES INCOME TRUST
- Amended exchange offers for four series of existing unsecured notes (2025, 2026, 2027, 2031) for new 9.000% Senior Secured Notes due 2029, up to $610M aggregate principal.
- Updated acceptance priority levels: highest for 2025 notes ($200M priority), then 2031 ($150M), 2027 ($135M), 2026 ($125M).
- Expiration time extended to 5:00 p.m. NYC time on June 10, 2024; withdrawal deadline remains May 14, 2024.
- Waived minimum tender conditions requiring $97.5M of 2025 notes and $488M total New Notes issuance.
- Exchange consideration unchanged; holders receive principal amounts per priority table, subject to pro rata reduction.