An ad hoc group of holders of Office Properties Income Trust‘s (OPI) longer-dated bonds hired Paul Weiss as legal counsel, amid a recently launched distressed exchange, said two sources familiar with the matter.

This group has also hired PJT as a financial advisor, the sources said.

Creditors across the OPI’s capital structure are organizing with legal and financial advisors, amid a distressed bond exchange launched by the company last week, said two sources additional familiar with the matter.

One group of bonds due 2025 is in close discussions with financial advisor Lazard, while the group of longer-dated bonds took financial advisory pitches on Tuesday, said the sources.

Milbank is representing the holders of the USD 650m 4.5% senior unsecured notes due February 2025, the sources noted.

The other group of bondholders encompasses notes due 2026, 2027 and 2031. Paul Hastings and Paul Weiss were among the law firms who pitched for a legal mandate to this group, according to one of the sources and a third source familiar.

The organizational push comes as OPI launched a distressed exchange offer on 1 May. The company, advised by Moelis, offered to exchange its outstanding senior unsecured notes for new 9% senior secured notes due 2029. The new notes will have up to USD 610m in aggregate principal, compared to the total USD 1.7bn now outstanding.

OPI is offering to tender the 2025 notes at 93.8 cents, the 2026 notes at 72 cents, the 2027 unsecured notes at 61 cents, and the 2031s at 51 cents. Some market participants are enticed by the high coupon on the new notes and expect the deal to be upsized.

The company’s USD 650m 4.5% senior unsecured notes due next February last changed hands at 82 on Tuesday, according to MarketAxess. OPI shares traded at USD 2.33 on Wednesday, for a USD 121.39m market cap.

OPI, Lazard, Paul Weiss and Paul Hastings did not return requests for comment. A representative for PJT did not immediately respond to a request for comment.