Junk-Rated Office Properties Income Trust Launches Debt Exchange

Office Properties Income Trust, a REIT managed by alternative asset manager The RMR Group, is asking bondholders to exchange their holdings into guaranteed new debt.

The investment trust sought to exchange senior unsecured notes maturing in 2026, 2027 and 2031 for up to $175 million of new 8% senior priority guaranteed unsecured notes due 2030, according to a Friday statement.

Holders across the curve would get different amounts of new notes in the debt exchange, the statement said. For each $1,000 of notes due in 2026, investors would get $890 in an early exchange. Holders of 2031 ...