Office Properties to redeem 4.15% notes due 2022, 4% notes due 2022

By Marisa Wong

Los Angeles, Aug. 10 – Office Properties Income Trust plans to redeem its $300 million outstanding 4.15% senior notes due 2022 and $300 million outstanding 4% senior notes due 2022 using proceeds from an offering of senior notes due 2027, according to a 424B5 filing with the Securities and Exchange Commission.

If the 4.15% notes are redeemed prior to Dec. 1, the company will be required to pay a make-whole premium. Similarly, if the 4% notes are redeemed prior to June 15, 2022, the redemption price will include a make-whole premium.

Proceeds from the new notes will also be used for repaying amounts outstanding under the company’s revolving credit facility.

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

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