Office Properties Income Trust issues $425 million of 8.75% senior secured notes due 2031
OPI•Office Properties Income Trust issued $425 million of 8.75% senior secured notes due 2031. It used net proceeds and cash on hand to repay all borrowings under its secured revolving credit facility and secured term loan.
1. Notes and collateral
The notes mature on Oct. 1, 2031, with interest payable semi-annually beginning April 1, 2027. Certain subsidiaries guarantee the debt, which is secured by first-priority liens on 19 office properties and subsidiary equity interests. The liens rank ahead of the trust’s 10.000% senior secured notes due 2031 on the same collateral, subject to an intercreditor agreement.
