Office Properties Income Trust Announces Extension of the Early Delivery Time and Withdrawal Deadline for Previously Announced Private Exchange Offers Relating to Existing Senior Unsecured Notes
Office Properties Income Trust (OPI) has announced amendments to its private exchange offers for outstanding senior unsecured notes due 2026, 2027, and 2031. The company is offering to exchange these existing notes for new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030.
The key amendment extends both the Early Delivery Time and Withdrawal Deadline until 5:00 p.m., New York City time, on February 28, 2025. The exchange offers are exclusively available to qualified institutional buyers in the U.S., non-U.S. persons outside the U.S., and certain institutional accredited investors.
The new notes will not be registered under the Securities Act and will have restrictions on transferability and resale. Eligible holders must make their own decisions regarding participation in the exchange offers. The existing notes that are not exchanged will remain outstanding under their current terms.
Office Properties Income Trust (OPI) ha annunciato modifiche alle sue offerte di scambio private per le note senior non garantite in circolazione con scadenza nel 2026, 2027 e 2031. L'azienda offre di scambiare queste note esistenti con nuove Note Senior Priority Guaranteed Unsecured al 8.000% con scadenza nel 2030.
La modifica principale estende sia il termine di consegna anticipata che la scadenza per il ritiro fino alle 17:00, ora di New York, del 28 febbraio 2025. Le offerte di scambio sono disponibili esclusivamente per acquirenti istituzionali qualificati negli Stati Uniti, persone non statunitensi al di fuori degli Stati Uniti e alcuni investitori istituzionali accreditati.
Le nuove note non saranno registrate ai sensi del Securities Act e avranno restrizioni sulla trasferibilità e sulla rivendita. I detentori idonei devono prendere le proprie decisioni riguardo alla partecipazione alle offerte di scambio. Le note esistenti che non vengono scambiate rimarranno in circolazione secondo i loro termini attuali.
Office Properties Income Trust (OPI) ha anunciado enmiendas a sus ofertas de intercambio privadas para las notas senior no garantizadas en circulación con vencimiento en 2026, 2027 y 2031. La compañía está ofreciendo intercambiar estas notas existentes por nuevas Notas Senior Priority Guaranteed Unsecured al 8.000% con vencimiento en 2030.
La enmienda clave extiende tanto el Tiempo de Entrega Anticipada como la Fecha Límite de Retiro hasta las 5:00 p.m., hora de la ciudad de Nueva York, del 28 de febrero de 2025. Las ofertas de intercambio están disponibles exclusivamente para compradores institucionales calificados en los EE. UU., personas no estadounidenses fuera de los EE. UU. y ciertos inversores institucionales acreditados.
Las nuevas notas no estarán registradas bajo la Ley de Valores y tendrán restricciones sobre la transferibilidad y reventa. Los tenedores elegibles deben tomar sus propias decisiones sobre la participación en las ofertas de intercambio. Las notas existentes que no se intercambien seguirán vigentes según sus términos actuales.
오피스 프로퍼티스 인컴 트러스트 (OPI)는 2026년, 2027년 및 2031년에 만기가 도래하는 기존의 비담보 선순위 채권에 대한 사모 교환 제안의 수정 사항을 발표했습니다. 회사는 이러한 기존 채권을 2020년 만기 8.000% 선순위 보장 비담보 채권으로 교환할 것을 제안하고 있습니다.
주요 수정 사항은 조기 전달 시간과 철회 마감일을 2025년 2월 28일 오후 5시(뉴욕 시간)까지 연장합니다. 교환 제안은 미국 내 자격을 갖춘 기관 투자자, 미국 외 비 미국인, 그리고 특정 기관 인증 투자자에게만 제공됩니다.
새로운 채권은 증권법에 따라 등록되지 않으며, 양도 및 재판매에 대한 제한이 있습니다. 자격 있는 보유자는 교환 제안 참여에 대한 결정을 스스로 내려야 합니다. 교환되지 않은 기존 채권은 현재 조건에 따라 계속 유효합니다.
Office Properties Income Trust (OPI) a annoncé des modifications à ses offres d'échange privées pour des obligations senior non garanties arrivant à échéance en 2026, 2027 et 2031. La société propose d'échanger ces obligations existantes contre de nouvelles Obligations Senior Priority Guaranteed Unsecured à 8,000% arrivant à échéance en 2030.
La principale modification prolonge à la fois le délai de livraison anticipée et la date limite de retrait jusqu'à 17h00, heure de New York, le 28 février 2025. Les offres d'échange sont exclusivement disponibles pour les acheteurs institutionnels qualifiés aux États-Unis, les personnes non américaines en dehors des États-Unis et certains investisseurs institutionnels accrédités.
Les nouvelles obligations ne seront pas enregistrées en vertu de la Loi sur les valeurs mobilières et auront des restrictions sur la transférabilité et la revente. Les détenteurs éligibles doivent prendre leurs propres décisions concernant leur participation aux offres d'échange. Les obligations existantes qui ne sont pas échangées resteront en circulation selon leurs conditions actuelles.
Office Properties Income Trust (OPI) hat Änderungen an seinen privaten Umtauschangeboten für ausstehende unbesicherte Senior-Anleihen mit Fälligkeit 2026, 2027 und 2031 angekündigt. Das Unternehmen bietet an, diese bestehenden Anleihen gegen neue 8,000% Senior Priority Guaranteed Unsecured Notes mit Fälligkeit 2030 einzutauschen.
Die wesentliche Änderung verlängert sowohl die Frist für die vorzeitige Lieferung als auch die Rücktrittsfrist bis 17:00 Uhr, New Yorker Zeit, am 28. Februar 2025. Die Umtauschangebote sind ausschließlich für qualifizierte institutionelle Käufer in den USA, nicht-US-Personen außerhalb der USA und bestimmte institutionelle akkreditierte Investoren verfügbar.
Die neuen Anleihen werden nicht unter dem Wertpapiergesetz registriert und unterliegen Übertragungs- und Wiederverkaufsbeschränkungen. Berechtigte Inhaber müssen ihre eigenen Entscheidungen über die Teilnahme an den Umtauschangeboten treffen. Die bestehenden Anleihen, die nicht umgetauscht werden, bleiben unter ihren aktuellen Bedingungen ausstehend.
- Offering higher interest rate notes (8.000%) through the exchange
- Extension of deadline provides more time for eligible holders to participate
- New notes will have transfer restrictions due to lack of SEC registration
- Exchange offer indicates potential debt restructuring needs
Insights
The extension of OPI's exchange offer deadlines signals potential challenges in achieving desired participation levels for this critical debt restructuring initiative. The new 8.000% Senior Priority Guaranteed Unsecured Notes due 2030 represent a significant premium over typical investment-grade yields, indicating substantial stress in the company's credit profile.
Several important aspects warrant attention:
- The Senior Priority Guaranteed structure of the new notes suggests OPI is offering enhanced security features to incentivize participation, potentially subordinating existing debt holders who don't participate.
- With a market capitalization of just
$61.8 million, this debt exchange becomes particularly important for OPI's survival strategy, as the company appears to be attempting to address a debt load that likely substantially exceeds its equity value. - The extension of both the Early Delivery Time and Withdrawal Deadline could indicate either insufficient initial participation or ongoing negotiations with major bondholders, highlighting the complexity and challenges of this restructuring effort.
The office property sector continues to face significant headwinds from remote work trends and higher interest rates, making this debt restructuring particularly critical for OPI's financial sustainability. The success or failure of this exchange offer could significantly impact the company's ability to navigate its near-term debt obligations and maintain operational flexibility.
Except as described in this press release with respect to the Amended Early Delivery Time and Amended Withdrawal Deadline, the terms and conditions of the Amended Exchange Offers described in the Offering Memorandum remain unchanged. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Offering Memorandum.
No Registration
The offer and sale of the New Notes and related guarantees will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and the New Notes and related guarantees will therefore be subject to restrictions on transferability and resale. OPI does not intend to register the sale of any of the New Notes and related guarantees under the Securities Act or the securities laws of any other jurisdiction and is not providing registration rights. The New Notes and related guarantees may not be offered or sold in
Eligible Holders
The Amended Exchange Offers are being made, and the New Notes and related guarantees are being offered and issued, only to holders who have certified to OPI that either they are (a) in the
The Offering Memorandum is only available to holders who complete an eligibility letter confirming their status as Eligible Holders. Holders of Existing Notes who wish to receive a copy of the eligibility letters for the Amended Exchange Offers may contact the information and exchange agent, D.F. King & Co (the “Information and Exchange Agent”), at D.F. King & Co., Inc., 48 Wall Street,
Requests for the Amended Exchange Offer materials from Eligible Holders may be directed to the Information and Exchange Agent at D.F. King & Co., Inc., 48 Wall Street,
General
OPI is making the Amended Exchange Offers only by, and pursuant to, the terms of the Offering Memorandum, as amended by this press release. OPI reserves the right to terminate, withdraw, amend or extend one or more of the Amended Exchange Offers in its discretion, subject to the terms and conditions set forth in the Offering Memorandum, as amended by this press release.
None of OPI, Moelis & Company LLC, as dealer manager, the Information and Exchange Agent, their respective affiliates nor any other person makes any recommendation as to whether Eligible Holders should tender or refrain from tendering their Existing Notes in the Amended Exchange Offers, as applicable. Eligible Holders must make their own decision as to whether or not to tender their Existing Notes, as applicable, as well as with respect to the principal amount of the Existing Notes to tender.
The Amended Exchange Offers are not being made to any holders of Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The Existing Notes that are not exchanged will continue to be outstanding in accordance with all other terms of the Existing Notes and the indentures governing such Existing Notes.
This press release is being made for informational purposes only in accordance with Rule 135c of the Securities Act and does not constitute an offer to purchase securities or a solicitation of an offer to sell any securities or an offer to sell or the solicitation of an offer to purchase any new securities, nor does it constitute an offer or solicitation in any jurisdiction in which such offer or solicitation is unlawful. The Amended Exchange Offers are being made solely on the terms and subject to the conditions set forth in the Offering Memorandum, as amended by this press release, and the information in this press release is qualified by reference to such Offering Memorandum.
About Office Properties Income Trust
OPI is a national REIT focused on owning and leasing office properties to high credit quality tenants in markets throughout
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
Statements in this news release, including statements regarding the Amended Exchange Offers constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. When used in this release, the words “may,” “will,” “might,” “should,” “expect,” “plan,” “anticipate,” “project,” “believe,” “estimate,” “predict,” “intend,” “potential,” “outlook,” and “continue,” and the negative of these terms, and other similar expressions are intended to identify forward-looking statements and information.
The forward-looking statements reflect OPI’s intentions, plans, expectations, anticipations, projections, estimations, predictions, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors, many of which are outside of OPI’s control. Important factors that could cause actual results to differ materially from the expectations expressed or implied in the forward-looking statements include known and unknown risks. Known risks include, among others, market conditions and the risks described in OPI’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports and risks and uncertainties related to OPI’s ability to consummate the Amended Exchange Offers.
You should not place undue reliance upon forward-looking statements. Except as required by law, OPI does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250223592540/en/
Questions regarding the Amended Exchange Offers may be directed to:
Kevin Barry, Senior Director, Investor Relations
(617) 219-1410
Source: Office Properties Income Trust
FAQ
What is the new deadline for OPI's exchange offer in 2025?
What interest rate is OPI offering on the new 2030 notes?
Which years of existing OPI notes are eligible for the exchange?
Who is eligible to participate in OPI's note exchange offer?
Will the new OPI exchange notes be registered with the SEC?
