OPI discloses $455M secured note exchange proposal with ad hoc debt holder group

OFFICE PROPERTIES INCOME TRUST

Ad Hoc Group proposes exchanging ~$460M of 4.500% 2025 Notes for 19.9% equity, $75M cash, and $455M Senior Secured Notes due 2027.
Secured Notes carry 3.25% coupon at 84.615% issue price, yielding ~14% annually; mature Dec 31, 2026, extendable to June 30, 2027.
Mandatory redemptions: $175M on March 1, 2026, plus quarterly $6.5M redemptions starting Q1 2025; proceeds from collateral sales must redeem notes.
OPI continues negotiations with other AHG members; no agreement reached as of Oct 22, 2024; one member declined to extend confidentiality deadline.
Transaction subject to minimum 90% participation; AHG receives $10M cash fee for committing to support the exchange.

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