---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-122384"
form_type: "8-K"
ticker: "OPIRQ"
cik: "0001456772"
company_name: "OFFICE PROPERTIES INCOME TRUST"
filed_at: "2024-11-25T23:59:59+00:00"
generated_at: "2026-05-29T18:48:29.921568+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# OPI enters exchange agreement to refinance up to $340M of 2025 notes with $445M new secured notes and 19.9% equity stake

## Summary
- Exchange of up to $340M of 2025 unsecured notes for $445M new 3.25% secured notes due 2027, ~11.5M common shares (19.9% of outstanding), and cash premiums.
- New notes require quarterly amortization of $6.5M and mandatory $125M repayment by March 1, 2026, unless met by asset sale proceeds.
- OPI to pay $15M premium to backstop parties and $10M support premium; remaining $113.6M of 2025 notes to be repaid with cash at closing.
- Additional private exchanges: between Sep 30 and Nov 15, OPI issued ~4M shares for $7.1M of 2025 notes at implied value ~$1.69/share.
- Disclosure material shows potential covenant breach (unencumbered asset ratio below 150%) in downside scenarios, raising liquidity concerns.

## SEC filing metadata
- accession: 0001104659-24-122384
- form_type: 8-K
- ticker: OPIRQ
- cik: 0001456772
- company_name: OFFICE PROPERTIES INCOME TRUST
- filed_at: 2024-11-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1456772/000110465924122384/0001104659-24-122384-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1456772/000110465924122384/tm2429413d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-122384
- JSON: https://secwatch.observer/filing/0001104659-24-122384.json
- Plain text: https://secwatch.observer/filing/0001104659-24-122384.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.