Office Properties Income Trust prices $425 million of 8.75% secured notes due 2031

Office Properties Income Trust priced $425 million of 8.75% senior secured notes due 2031, announcing a financing intended to repay borrowings under two existing secured credit facilities. The Newton, Massachusetts-based office landlord disclosed the pricing in a September 10 release filed with the Securities and Exchange Commission (Form 8-K AccNo 0001104659-26-106769).

The transaction has reached pricing, with settlement still ahead. OPI said it expects the offering to settle September 24, 2026, subject to customary closing conditions. It expects to use the net proceeds, together with cash on hand, to repay all outstanding borrowings under its secured revolving credit facility and secured term loan. Those repayments remain a stated plan, dependent on the financing proceeding.

For investors following OPI’s financing, the central details are the notes’ 2031 maturity, their 8.75% coupon and the collateral supporting them. Certain subsidiaries will guarantee the notes. The security package will consist of first-priority liens on 19 office properties, plus a pledge of the equity interests of the subsidiary guarantors. The company’s broader property count should not be read as the number of properties securing this offering.

The $425 million figure is the aggregate principal amount of the notes. The announcement does not provide a final dollar amount for net proceeds or the exact outstanding balances to be repaid under either credit facility. That limits what can be concluded about the amount of cash OPI would contribute or the transaction’s effect on total borrowings. The stated purpose is repayment of existing secured debt using offering proceeds and cash.

The offering is private, directed to persons reasonably believed to be qualified institutional buyers under Rule 144A and, outside the United States, to non-U.S. persons under Regulation S. OPI said the notes have not been and will not be registered under the Securities Act. Sales in the United States require registration or an applicable exemption. The release itself is not an offer to sell or a solicitation to buy.

For portfolio context, OPI said it owned 122 properties totaling approximately 17.1 million square feet across 29 states and Washington, D.C., as of June 30, 2026. Approximately 62% of revenues came from investment grade rated tenants at that date. That tenant description is separate from a credit rating on the new notes; the announcement does not establish a rating for this debt.

OPI is a national real estate investment trust focused on office properties leased to high credit quality tenants and is managed by The RMR Group. The next transaction milestone is the expected September 24 settlement. Until closing and repayment are confirmed, the September 10 disclosure establishes the pricing terms and intended use of proceeds, rather than a completed refinancing.