Boston Properties Prices $1.0 Billion Offering of Senior Unsecured Notes
August 08 2016 - 5:37PM
Business Wire
Boston Properties, Inc. (NYSE: BXP), a real estate
investment trust, announced today that its operating partnership,
Boston Properties Limited Partnership (“BPLP”), has agreed to sell
$1.0 billion of 2.750% senior unsecured notes due 2026 in an
underwritten public offering through Deutsche Bank Securities Inc.,
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Morgan Stanley & Co. LLC, U.S. Bancorp
Investments, Inc., BNY Mellon Capital Markets Inc., Citi Group
Global Markets, Inc. and Wells Fargo Securities, LLC as joint
book-running managers. The notes were priced at 99.271% of the
principal amount to yield 2.833% to maturity. The notes will mature
on October 1, 2026 unless earlier redeemed. The offering is
expected to close on August 17, 2016.
The estimated net proceeds from this offering are expected to be
approximately $984.8 million. BPLP intends to use the net proceeds
from the sale of the notes for the repayment of debt, the
settlement of forward-starting interest rate swap contracts or
other general business purposes, which may include acquisitions,
development projects or other investment opportunities. Pending
such uses, BPLP may invest the net proceeds in short-term,
interest-bearing securities.
The offering is being made only by means of a prospectus and
related prospectus supplement, a copy of which may be obtained from
Deutsche Bank Securities Inc. at Attention: Prospectus Group, 60
Wall Street, New York, NY 10005-2836, or by calling toll free at
(800) 503-4611 or by emailing prospectus.CPDG@db.com; J.P. Morgan
Securities LLC, 383 Madison Avenue, New York, New York 10179,
Attention: High Grade Syndicate Desk, 3rd floor, or by calling
(212) 834-4533; Merrill Lynch, Pierce, Fenner & Smith
Incorporated, 200 North College Street, NC1-004-03-43, Charlotte,
NC 28255-0001, Attention: Prospectus Department, or by calling
toll-free (800) 294-1322 or by email at
dg.prospectus_requests@baml.com; Morgan Stanley & Co. LLC, 180
Varick Street, 2nd Floor, New York, New York 10014, Attention:
Prospectus Department, or by calling (866) 718-1649 or by email at
prospectus@morganstanley.com; and U.S. Bancorp Investments, Inc.,
214 North Tryon Street, 26th Floor, Charlotte, NC 28202, or by
calling (877) 558-2607. An effective registration statement is on
file with the Securities and Exchange Commission (SEC), and a copy
of the prospectus and related prospectus supplement also will be
available on the SEC’s website at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops,
redevelops, acquires, manages, operates and owns a diverse
portfolio of primarily Class A office space, one hotel, four
residential properties and five retail properties. The Company is
one of the largest owners and developers of Class A office
properties in the United States, concentrated in five markets –
Boston, Los Angeles, New York, San Francisco and Washington,
DC.
This press release contains forward-looking statements within
the meaning of the Federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects”
and similar expressions that do not relate to historical matters.
You should exercise caution in interpreting and relying on
forward-looking statements because they involve known and unknown
risks, uncertainties and other factors which are, in some cases,
beyond Boston Properties’ control and could materially affect
actual results, performance or achievements. These factors include,
without limitation, Boston Properties’ ability to satisfy the
closing conditions to the pending transaction described above and
regulatory changes and other risks and uncertainties detailed from
time to time in Boston Properties’ filings with the SEC. Boston
Properties does not undertake a duty to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160808006287/en/
Boston Properties, Inc.Michael LaBelle, 617-236-3352Chief
Financial OfficerorArista Joyner, 617-236-3343Investor Relations
Manager
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