Office Properties Income Trust (OPI) entered into a second amended and restated secured credit agreement that governs its $325 million secured revolving credit facility and $100 million secured term loan. The maturity date of the facilities is Jan. 29, 2027. OPI has a one-year extension option for the $325 million secured revolving credit facility, subject to the payment of an extension fee and satisfaction of certain other customary conditions. Interest paid on the facilities is at a rate of SOFR plus a margin of 3.5%. The facilities are secured by 19 office properties with a gross carrying value of $942 million. The facilities replace OPI’s previous $750 million unsecured revolving credit facility that was scheduled to mature on Jan. 31, 2024. OPI currently has $232 million outstanding on the facilities and $193 million available for borrowing.

Wells Fargo Securities, BofA Securities and Citibank are the joint lead arrangers and joint lead bookrunners for the facilities. Wells Fargo Bank is the administrative agent. Bank of America and Citibank are the syndication agents. PNC Bank, Regions Bank, Mizuho Bank, U.S. Bank, Sumitomo Mitsui Banking Corporation and Royal Bank of Canada are the documentation agents. Other participating banks in the facilities include BMO Bank, Truist Bank, Associated Bank, Berkshire Bank, First Hawaiian Bank, First Horizon Bank, Morgan Stanley Senior Funding, UBS AG, Barclays Bank and E.Sun Commercial Bank.