By James McCandless
San Antonio, June 16 – Office Properties Income Trust priced a $150 million offering of $25-par 30-year senior notes (Baa3/BBB-) with a coupon of 6.375% at par, according to an FWP filing with the Securities and Exchange Commission.
There is a $22.5 million greenshoe.
BofA Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp., UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.
The notes will pay interest every March 1, June 1, Sept. 1 and Dec. 1.
The notes are callable on or after June 23, 2025 at par.
Proceeds will be used to repay borrowings under the company’s revolving credit facility and for general business purposes.
The company plans to list the notes on the Nasdaq under the symbol “OPINL.”
The real estate investment trust is based in Newton, Mass.
| Issuer: | Office Properties Income Trust
|
| Description: | Senior notes
|
| Amount: | $150 million
|
| Greenshoe: | $22.5 million
|
| Maturity: | June 23, 2050
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp., UBS Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | BB&T Capital Markets, Janney Montgomery Scott LLC, JMP Securities LLC, Oppenheimer & Co. Inc., Regions Securities LLC, Robert W. Baird & Co. Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 6.375%
|
| Price: | Par of $25
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| Yield: | 6.375%
|
| Call: | On or after June 23, 2025 at par
|
| Pricing date: | June 16
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| Settlement date: | June 23
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Distribution: | SEC registered
|
| Expected listing: | Nasdaq: OPINL
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