LOS ANGELES, February 20, 2024 -- B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), is pleased to have served as lead left bookrunner to Office Properties Income Trust (Nasdaq: OPI) ("OPI"), a national 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 OPI's secured revolving credit facility, to redeem OPI's 4.250% Senior Unsecured Notes due 2024. Read more about the transaction here.
OPI is a national REIT focused on owning and leasing high quality office and mixed-use properties in select growth-oriented U.S. markets with over 150 properties across 30 states and Washington D.C. as of December 31, 2023. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $41 billion in assets under management as of December 31, 2023, and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. OPI is headquartered in Newton, MA. For more information, visit opireit.com.
Patrice McNicoll, Co-Head of Investment Banking, B. Riley Securities commented, "We are delighted to have executed this financing given the challenging office market. 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," said Jimmy Baker, President and Head of Capital Markets, B. Riley Securities. "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 was led by Patrice McNicoll, Larry Goldsmith and Brian Taylor, and included Colin Welch, Mason Boh and Mickey Sacks.
B. Riley's Capital Markets team was led by Jimmy Baker and Chad Ritchie, and included Ryan Aceto, Dawn Farrell, Kathy Innis and Samuel Cook.
The new notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act or any applicable state securities laws. The new notes were offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States only to non-U.S. investors in compliance with Regulation S under the Securities Act.
About B. Riley Securities
B. Riley has served as a preeminent fixture in middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. B. Riley Securities is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.