The operating partnership of real estate investment trust Boston Properties Inc. has agreed to sell $850 million of 4.125 percent senior unsecured notes due 2021.
Boston Properties Limited Partnership (BPLP) said the underwritten public offering will be run through Citi, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., US Bancorp Investments Inc. and Wells Fargo Securities LLC, as joint book-running managers.
The notes were priced at 99.26 percent of the principal amount to yield 4.213 percent to maturity. The notes will mature on May 15, 2021, unless earlier redeemed. The offering is expected to close on Nov. 18.
The estimated net proceeds from this offering are expected to be approximately $836.9 million after deducting underwriting discounts and estimated transaction expenses of approximately $13.1 million. BPLP intends to use all or a portion of the net proceeds from this offering to repay, redeem or repurchase outstanding indebtedness, including its 6.25 percent senior notes due 2013 or other debt securities with near-term maturities.
