B. Riley Securities, a middle-market investment bank and subsidiary of B. Riley Financial, served as lead left bookrunner to Office Properties Income Trust, a real estate investment trust, in its $300 million offering of senior secured notes due 2029.
Net proceeds from this transaction, after initial purchaser discounts and offering costs, are approximately $272 million and will be used, together with borrowings under Office Properties Income Trust’s secured revolving credit facility, to redeem its 4.25% senior unsecured notes due 2024.
Newton-MA-based Office Properties Income Trust is a national REIT focused on owning and leasing office and mixed-use properties in U.S. markets with more than 150 properties across 30 states and Washington, D.C., as of Dec. 31, 2023. Office Properties Income Trust is managed by The RMR Group, a U.S. alternative asset management company with more than $41 billion in assets under management, as of Dec. 31, 2023, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate.
“We are delighted to have executed this financing given the challenging office market,” Patrice McNicoll, co-head of investment banking at B. Riley Securities, said. “This was made possible because of the high-quality nature of OPI’s portfolio and because of the strength of our distribution and ability to source demand from a broad set of lenders.”
“Congratulations to the entire OPI team,” Jimmy Baker, president and head of capital markets at B. Riley Securities, said. “We appreciate the continued collaboration with The RMR Group and are proud to have executed on this critical mandate that affords the company the ability to retire all outstanding 2024 maturities.”
B. Riley’s investment banking team for this transaction was led by McNicoll, Larry Goldsmith and Brian Taylor, and included Colin Welch, Mason Boh and Mickey Sacks.
B. Riley’s capital markets team on this transaction was led by Baker and Chad Ritchie, and included Ryan Aceto, Dawn Farrell, Kathy Innis and Samuel Cook.
