Boston Properties Prices $850.0 Million Offering of Green Bonds
June 12 2019 - 5:25PM
Business Wire
Boston Properties, Inc. (NYSE: BXP), the largest
publicly-traded owner and manager of Class A office properties in
the United States, announced today that its operating partnership,
Boston Properties Limited Partnership (“BPLP”), has agreed to sell
$850.0 million of 3.400% senior unsecured notes due 2029 in an
underwritten public offering through BofA Securities, Inc.,
Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co.
LLC, Citigroup Global Markets Inc., BNY Mellon Capital Markets,
LLC, Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc.,
Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and TD
Securities (USA) LLC, as joint book-running managers. The notes
were priced at 99.815% of the principal amount to yield 3.422% to
maturity. The notes will mature on June 21, 2029, unless earlier
redeemed. The offering is expected to close on June 21, 2019,
subject to the satisfaction of customary closing conditions.
The estimated net proceeds from this offering are expected to be
approximately $841.3 million. BPLP intends to allocate an amount
equal to the net proceeds from this offering to the financing and
refinancing of recently completed and future “eligible green
projects” in the United States.
This is BPLP’s second green bond offering following its initial
$1.0 billion green bond offering in November 2018. BPLP currently
owns and actively manages more than 21 million square feet of green
building projects that have been certified at the two highest LEED
certification levels of Gold and Platinum. BPLP actively works to
promote its growth and operations in a sustainable and responsible
manner and has earned seven consecutive Global Real Estate
Sustainability Benchmark (GRESB) “Green Star” recognitions and the
highest GRESB 5-star Rating. Over the last 10 years, BPLP has
implemented energy conservation projects and other measures in
actively managed office buildings that have reduced site energy use
intensity by 24% and greenhouse gas emissions intensity by 39%.
Pending the allocation of an amount equal to the net proceeds of
the notes to “eligible green projects,” BPLP may use the net
proceeds from this offering to repay borrowings outstanding under
its unsecured revolving line of credit and/or invest in short-term,
interest-bearing, investment-grade securities. Net proceeds
allocated to previously incurred costs associated with “eligible
green projects” will be available for repayment of debt or other
uses.
BPLP has filed a registration statement (including a prospectus
and a preliminary prospectus supplement) with the Securities and
Exchange Commission for the offering to which this communication
relates. Before you invest, you should read the prospectus and the
preliminary prospectus supplement in that registration statement
and other documents BPLP has filed with the Securities and Exchange
Commission for more complete information about BPLP and this
offering. You may obtain these documents for free by visiting EDGAR
on the SEC website at www.sec.gov. Alternatively, you may obtain a
copy of the prospectus and related prospectus supplement from BofA
Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department,
Email: dg.prospectus_requests@baml.com; Jefferies LLC, 520 Madison
Avenue, New York, New York 10022, Attention: Investment Grade
Syndicate Desk, Email: DCMProspectuses@jefferies.com, or by calling
(877) 877-0696; J.P. Morgan Securities LLC, 383 Madison Avenue, New
York, New York 10179, Attention: Investment Grade Syndicate Desk,
or by calling (212) 834-6081; and Morgan Stanley & Co. LLC, 180
Varick Street, New York, New York 10014, Attention: Prospectus
Department, or by calling (866) 718-1649.
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 (NYSE: BXP) is the largest publicly-held
developer and owner of Class A office properties
in the United States, concentrated in five markets -
Boston, Los Angeles, New York, San
Francisco and Washington, DC. The Company is a fully
integrated real estate company, organized as a real estate
investment trust (REIT), that develops, manages, operates, acquires
and owns a diverse portfolio of primarily Class A office space. The
Company’s portfolio totals 51.4 million square feet and 196
properties, including eleven properties under construction.
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 “will,” “expects,” “intends” 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
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: https://www.businesswire.com/news/home/20190612005923/en/
Mike LaBelleExecutive Vice PresidentChief Financial
Officer617.236.3352
Sara BudaVice President, Investor
Relationssbuda@bxp.com617.236.3429
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