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Prospect News home > News index > List of issuers O > Headlines for Office Properties Income Trust > News item
Published on 2/13/2024 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

S&P rates Office Properties notes B-

S&P said it assigned B- issue-level and 1 recovery ratings to Office Properties Income Trust's (OPI) $300 million of 9% senior secured notes due 2029. The 1 recovery rating indicates very high recovery (90%-100%; rounded estimate: 90%) if OPI defaults.

OPI’s CCC issuer rating is unchanged.

The company plans to use the proceeds along with borrowings from its secured revolving credit facility, to redeem its outstanding 4¼% senior unsecured notes due 2024.

The outlook is negative.


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