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Oct. 14, 2024

Kramer Levin Advises Investment Manager in $43 Million Follow-On Private Exchange Offer

​Kramer Levin represented a leading global alternative investment manager with respect to a follow-on private exchange of existing unsecured notes (due 2025) of Office Properties Income Trust for approximately $43 million in aggregate principal amount of newly issued secured notes (due 2029). Because the newly issued secured notes were intended to be substantively equivalent with the existing secured notes issued in June of 2024 but could not be issued under the same indenture for those existing notes due to limitations in the indenture, members of Kramer Levin’s special situations and tax teams worked seamlessly to create a new document structure that would allow the newly issued secured notes to slot into the existing structure and to be “pari” in all meaningful ways with the existing secured notes, including through a new “pari” intercreditor agreement. The transaction closed on Oct. 9, 2024.

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