secwatch.observer — SEC 8-K summary
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Issuer:     OFFICE PROPERTIES INCOME TRUST (OPIRQ)
CIK:        0001456772
Form:       8-K
Filed at:   2025-04-01T23:59:59+00:00
Accession:  0001104659-25-030286
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OPI fails to agree on debt exchange; projections show covenant breaches and cash depletion by Q2 2026
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- Confidential exchange discussions ended without agreement on rate, guaranties, or covenants; no deal reached.
- Q2 2026 projected cash balance of -$60M under the $20M exchange scenario.
- Unencumbered assets / unsecured debt ratio drops to 146.8% in Q1 2026, breaching the 150% minimum covenant.
- Consolidated income available for debt service / debt service ratio falls to 1.37x by Q1 2026 (minimum 1.50x).
- Proposed $95M exchange assumed partial conversion of 2026/2027/2031 notes into new notes, but no agreement reached.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1456772/000110465925030286/0001104659-25-030286-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1456772/000110465925030286/tm2510925d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-030286

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