OPI prices $425M in senior secured notes due 2031

Office Properties Income Trust (Nasdaq: OPI) has priced an offering of $425 million in aggregate principal amount of 8.75% senior secured notes due 2031.

The notes will be guaranteed by certain OPI subsidiaries and secured by first-priority liens on 19 office properties, along with a pledge of equity interests of the subsidiary guarantors. Settlement of the offering is expected to occur on September 24, 2026, subject to customary closing conditions.

OPI said it expects to use the net proceeds from the offering, together with cash on hand, to repay all outstanding borrowings under its secured revolving credit facility and its secured term loan.

The notes will be sold only to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons outside the United States under Regulation S. The notes have not been registered under the Securities Act or any state securities laws.

OPI is a real estate investment trust that owns and leases office properties across the United States. As of June 30, 2026, the company owned 122 properties totaling approximately 17.1 million square feet across 29 states and Washington, D.C. The company is managed by The RMR Group (Nasdaq: RMR).

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