Office Properties to repay revolver borrowings via new notes

By Marisa Wong

Los Angeles, Aug. 10 – Office Properties Income Trust plans to repay amounts outstanding under its revolving credit facility using proceeds from an offering of senior notes due 2027, according to a 424B5 filing with the Securities and Exchange Commission.

As of Aug. 9, the company had $395 million outstanding under the revolver, which matures in January 2023.

Interest is Libor plus a premium, which was 110 basis points at Aug. 9.

Proceeds from the new notes will also be used to redeem the company’s $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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