M&A - OFFICE PROPERTIES INCOME TRUST
Form Type: 8-K
Filing Date: 2025-03-12
Corporate Action: Acquisition
Type: New
Accession Number: 000110465925023000
Filing Summary: On March 12, 2025, Office Properties Income Trust issued $14,439,000 aggregate principal amount of new 8.000% senior priority guaranteed unsecured notes due 2030, known as the New Notes, pursuant to a new Indenture dated the same day. These notes will mature on January 31, 2030, bearing interest at 8.000% per year, payable semi-annually from July 31, 2025. The New Notes are guaranteed by subsidiary guarantors and can be redeemed under specified conditions. This issuance is part of a private exchange offer initiated on February 7, 2025, where various existing notes were exchanged for new notes. The exchange offer allowed eligible holders of existing notes to exchange a total of $20,990,000 in existing notes for the newly issued notes, marking a strategic move to manage the company's financial obligations effectively.
Document Link: View Document
Additional details:
Indenture Date: 2025-03-12
New Notes Issued Amount: 14439000
Notes Maturity Date: 2030-01-31
Interest Rate: 8.000%
Redemption Terms: Prior to March 12, 2027, redeemable at make-whole amount; thereafter at prices set in Indenture
Covenants Summary: Limits on additional debt, increase in liens, merger/consolidation capabilities, and the disposition of assets; Requires maintenance of Total Unencumbered Assets at 150% of aggregate principal amount of Unsecured Debt.
Events Of Default: Specific events can trigger immediate payment of New Notes, including bankruptcy or insolvency.
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