Office Properties Income Trust Prices $425M 8.75% Senior Secured Notes

What Happened
On September 10, 2026, Office Properties Income Trust (OPI) announced it priced an offering of $425 million aggregate principal amount of 8.75% Senior Secured Notes due 2031. The notes were sold in a private placement to purchasers reasonably believed to be qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S. The offering and related guarantees are not registered under the Securities Act and are subject to customary closing conditions.

Key Details

• Amount: $425,000,000 aggregate principal.
• Terms: 8.75% interest rate; maturity in 2031.
• Offering: Private Rule 144A (U.S. QIBs) and Regulation S (non‑U.S.) placement; not registered under the Securities Act.
• Use of proceeds: OPI intends to use net proceeds to repay outstanding borrowings under its secured revolving credit facility and secured term loan, but repayment is contingent on the offering closing.
• Filing: Announced via Form 8‑K (Item 8.01) and press release attached as Exhibit 99.1.

Why It Matters
This transaction would increase OPI’s secured debt by $425M at a relatively high fixed interest rate (8.75%), and—if proceeds are used as stated—could replace existing revolver/term loan borrowings. That refinancing could change OPI’s interest expense profile and secured debt maturities and may affect leverage and covenant dynamics. Investors should note the offering is conditional and not guaranteed to close, and the notes are restricted securities sold only to eligible institutional and non‑U.S. buyers.