Office Properties Income Trust offers $300 million notes due 2027 at Treasuries plus 175 bps area

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 10 – Office Properties Income Trust plans to price an offering of senior notes due 2027, according to a 424B5 filing with the Securities and Exchange Commission.

The offering is expected to feature $300 million of notes due Feb. 1, 2027 with price talk in the 175 basis points area over Treasuries, a market source told Prospect News.

BofA Securities, Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC are the joint bookrunners.

The notes will have a make-whole call option up until one month prior to the maturity date, at which point they will be callable at par.

Proceeds will be used for general business purposes, which may include repaying amounts outstanding under the company’s revolving credit facility and redeeming its $300 million outstanding 4.15% senior notes due 2022 and $300 million outstanding 4% senior notes due 2022.

The real estate investment trust is based in Newton, Mass.

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