Boston Properties Announces Redemption Price for 3.700% Senior Notes Due 2018
December 13 2017 - 9:42PM
Business Wire
Boston Properties, Inc. (NYSE: BXP), the largest public owner
and developer of office buildings in the United States, announced
today the redemption price for the $850 million in aggregate
principal amount of 3.700% Senior Notes due 2018 (the “Notes”)
issued by its operating partnership, Boston Properties Limited
Partnership, which will be redeemed in full on December 17, 2017
(the “Redemption Date”).
The redemption price for the Notes will be approximately $865.5
million. The redemption price includes approximately $2.8 million
of accrued and unpaid interest to, but not including, the
Redemption Date. Excluding the accrued and unpaid interest, the
redemption price is approximately 101.49% of the principal amount
being redeemed.
In connection with the early redemption of the Notes, the
Company expects to record a loss from early extinguishment of debt
of approximately $13.9 million, or approximately $0.08 per diluted
share, in the fourth quarter of 2017, which amount includes
approximately $1.2 million of unamortized financing costs. The
impact of the redemption of the Notes was not previously reflected
in Boston Properties’ earnings guidance for 2017.
Boston Properties is a fully integrated real estate investment
trust that develops, redevelops, acquires, manages, operates and
owns a diverse portfolio of primarily Class A office space totaling
49.8 million square feet and consisting of 166 office properties
(including seven properties under construction), five retail
properties, five residential properties (including three properties
under construction) and one hotel. 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.
For more information about Boston Properties, please visit the
Company’s web site at www.bostonproperties.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171213006251/en/
Boston Properties, Inc.Mike LaBelle, 617-236-3352Executive Vice
PresidentChief Financial OfficerorArista Joyner,
617-236-3343Investor Relations Manager
Boston Properties (NYSE:BXP)
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