OPI closes exchange of $340M 2025 notes for $445M new 3.25% secured notes due 2027 and 11.5M common shares

OFFICE PROPERTIES INCOME TRUST

Exchanged $340M of 4.50% senior unsecured notes due 2025 for $445M of new 3.25% secured notes due 2027, 11.5M common shares, and $25M premiums.
Remaining $113.1M of 2025 notes to be repurchased or repaid before Feb 1, 2025 maturity.
New notes require quarterly amortization of $6.5M and mandatory $125M principal repayment by March 1, 2026.
New notes secured by first-priority liens on 35 properties (GBV ~$1.3B) and second-priority liens on 19 properties (GBV ~$717M).
Issued 11.5M common shares, representing 19.9% of outstanding shares as of Nov 24, 2024.

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