Office Properties Income Trust Prices $250 Million of Unsecured Senior Notes due 2025
September 17 2020 - 7:15PM
Business Wire
Office Properties Income Trust (Nasdaq: OPI) today announced
that it has priced an underwritten public offering of $250 million
of 4.50% unsecured senior notes due 2025 (“Notes”). The Notes are a
further issuance of OPI’s existing $400 million of unsecured senior
notes due February 1, 2025 initially issued on February 3, 2015.
The public offering price for the Notes was 101.414% of the
principal amount (plus accrued interest from August 1, 2020) for a
re-offer yield of 4.122%. The settlement of this offering is
expected to occur on September 24, 2020, subject to customary
closing conditions.
OPI expects to use the net proceeds from this offering to repay
amounts outstanding under its revolving credit facility and for
general business purposes.
The joint book-running managers for this offering are BofA
Securities, Inc., Citigroup Global Markets Inc., PNC Capital
Markets LLC, RBC Capital Markets, LLC and Wells Fargo Securities,
LLC. The joint lead managers for this offering are Barclays Capital
Inc., BMO Capital Markets Corp., Mizuho Securities USA LLC, Morgan
Stanley & Co. LLC, Regions Securities LLC, SMBC Nikko
Securities America, Inc., Truist Securities, Inc., UBS Securities
LLC and U.S. Bancorp Investments, Inc. The co-managers for this
offering are FHN Financial Securities Corp. and Samuel A. Ramirez
& Company, Inc.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that state or
jurisdiction. Copies of the prospectus supplement relating to this
offering and the related prospectus may be obtained by contacting
the offices of: BofA Securities, Inc. toll-free at 1-800-294-1322,
Citigroup Global Markets Inc. toll-free at 1-800-831-9146, PNC
Capital Markets LLC toll-free at 1-855-881-0697, RBC Capital
Markets, LLC toll-free at 1-866-375-6829, and Wells Fargo
Securities, LLC toll-free at 1-800-645-3751.
OPI is a REIT focused on owning, operating and leasing
properties primarily leased to single tenants and those with high
credit quality characteristics such as government entities. OPI is
managed by the operating subsidiary of The RMR Group Inc. (Nasdaq:
RMR), an alternative asset management company that is headquartered
in Newton, Massachusetts.
Warning Concerning
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Also, whenever OPI uses words such as “believe”, “expect”,
“anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and
negatives or derivatives of these or similar expressions, OPI is
making forward-looking statements. These forward-looking statements
are based upon OPI’s present intent, beliefs or expectations, but
forward-looking statements are not guaranteed to occur and may not
occur. Actual results may differ materially from those contained in
or implied by OPI’s forward-looking statements as a result of
various factors. Forward-looking statements involve known and
unknown risks, uncertainties and other factors, some of which are
beyond OPI's control. For example:
- This press release states that the closing of this offering is
expected to occur on September 24, 2020. The closing of this
offering is subject to various conditions and contingencies as are
customary in underwriting agreements in the United States. If these
conditions are not satisfied or the specified contingencies do not
occur, this offering may not close.
- OPI’s current intent is to use the proceeds from this offering
to repay amounts outstanding under its revolving credit facility
and for general business purposes; the receipt and use of the
proceeds is dependent on the closing of this offering and may not
occur.
The information contained in OPI’s filings with the SEC,
including under “Risk Factors” in OPI’s periodic reports, or
incorporated therein, identifies other important factors that could
cause OPI’s actual results to differ materially from those stated
in or implied by OPI’s forward-looking statements. OPI’s filings
with the SEC are available on the SEC's website at www.sec.gov.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200917006023/en/
Olivia Snyder, Manager, Investor Relations (617) 219-1410
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