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Government Properties Income Trust Prices $300 Million of 5.875% Senior Notes Due 2046

05/19/2016

NEWTON, Mass.--(BUSINESS WIRE)-- Government Properties Income Trust (NYSE: GOV) today announced that it has priced an underwritten public offering of $300 million of 5.875% senior unsecured notes due May 1, 2046 (“Notes”).

GOV expects to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility and for general business purposes. The settlement of this offering is expected to occur on May 26, 2016, subject to customary closing conditions. GOV granted the underwriters an option to purchase up to $45 million of additional Notes within 30 days. GOV intends to apply to list the Notes on the New York Stock Exchange under the ticker “GOVN” and, if approved, expects trading to begin within 30 days after the original issue date of the Notes.

The joint book-running managers for the offering were Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC. The joint lead managers for the offering were Citigroup Global Markets Inc., Jefferies LLC, and RBC Capital Markets LLC. The co-managers for the offering were Robert W. Baird & Co. Incorporated, BB&T Capital Markets, a division of BB&T Securities LLC, D.A. Davidson & Co., FBR Capital Markets & Co., Janney Montgomery Scott LLC and Oppenheimer & Co. Inc. The underwriters for the offering were BBVA Securities Inc., Comerica Securities, Inc., Fifth Third Securities, Inc., FTN Financial Securities Corp., Lebenthal & Co., LLC, Mizuho Securities USA Inc., PNC Capital Markets LLC and SMBC Nikko Securities America, Inc.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Copies of the prospectus supplement relating to this offering and the related prospectus may be obtained by contacting the offices of: Merrill Lynch, Pierce, Fenner & Smith Incorporated, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, email: dg.prospectus_requests@baml.com; Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, telephone: (866) 718-1649; UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275; or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue, South Minneapolis, MN 55042, email: wfscustomerservice@wellsfargo.com, telephone: (800) 645-3751.

Government Properties Income Trust is a real estate investment trust, or REIT, which owns properties leased primarily to the U.S. Government and state governments located throughout the United States. GOV is managed by the operating subsidiary of The RMR Group Inc. (NASDAQ: RMR), an alternative asset management company that is headquartered in Newton, MA.

WARNING REGARDING FORWARD LOOKING STATEMENTS

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON GOV'S PRESENT BELIEFS AND EXPECTATIONS, BUT THESE STATEMENTS ARE NOT GUARANTEED. FOR EXAMPLE:

  • THIS PRESS RELEASE STATES THAT THE SETTLEMENT OF THE NOTES OFFERING IS EXPECTED TO OCCUR ON MAY 26, 2016. THE SETTLEMENT OF THIS OFFERING IS SUBJECT TO VARIOUS CONDITIONS AND CONTINGENCIES AS ARE CUSTOMARY IN UNDERWRITING AGREEMENTS IN THE UNITED STATES. IF THESE CONDITIONS ARE NOT SATISFIED OR THE SPECIFIED CONTINGENCIES DO NOT OCCUR, THIS OFFERING MAY NOT CLOSE.
  • THIS PRESS RELEASE STATES THAT GOV HAS GRANTED THE UNDERWRITERS AN OPTION TO PURCHASE UP TO $45 MILLION OF ADDITIONAL NOTES. AN IMPLICATION OF THIS STATEMENT MAY BE THAT THIS OPTION MAY BE EXERCISED IN WHOLE OR IN PART. IN FACT, GOV DOES NOT KNOW WHETHER OR NOT THE UNDERWRITERS WILL EXERCISE THIS OPTION OR ANY PART OF IT.

FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.

Source: Government Properties Income Trust

Government Properties Income Trust

Christopher Ranjitkar, 617-219-1410

Director, Investor Relations

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