BXP Announces Closing of $1.2 Billion Unsecured Term Loan Facility
January 09 2023 - 7:05AM
Business Wire
BXP (NYSE: BXP), the largest publicly traded developer, owner,
and manager of premier workplaces in the United States, announced
today that its operating partnership, Boston Properties Limited
Partnership (“BPLP”), has closed on a new, $1.2 billion unsecured
term loan facility that matures in May 2024, with one, twelve-month
extension option subject to the satisfaction of customary
conditions.
The term loan facility also includes an accordion feature that
allows BPLP, at its option, to increase total commitments under the
facility up to an additional $300.0 million in aggregate principal
amount (such that the term loan facility shall not exceed $1.5
billion), subject to the satisfaction of customary conditions. The
term loan currently bears interest at a variable rate equal to
adjusted Term SOFR plus 0.85% per annum.
A portion of the proceeds were used to repay BPLP’s $730.0
million term loan that was scheduled to mature in May 2023,
resulting in incremental proceeds of approximately $466.0 million
that are available for general corporate purposes.
“The execution of this attractive financing is a testament to
BXP’s financial condition and the strength and support of our
banking relationships,” stated Mike LaBelle, EVP, CFO, &
Treasurer, BXP. “This facility enhances our already strong
liquidity as we continue our strategic focus on growing BXP’s
portfolio of premier workplaces, including the commencement of our
two fully leased life science developments in Cambridge, MA,
creating value over the long term for our clients and
shareholders.”
BofA Securities, Inc. and JPMorgan Chase Bank, N.A. acted as
Joint Lead Arrangers and Joint Bookrunners for the facility, along
with Bank of America, N.A., as Administrative Agent and lender;
JPMorgan Chase Bank, N.A., as Syndication Agent and lender; and
Wells Fargo, N.A.; The Bank of New York Mellon; Morgan Stanley
Senior Funding, Inc.; U.S. Bank National Association; Bank of Nova
Scotia; Truist Bank; Mizuho Bank, Ltd.; M&T Bank; Sumitomo
Mitsui Banking Corporation; TD Bank, N.A.; and PNC Bank, National
Association as Documentation Agents; and a syndicate of banks as
lenders.
ABOUT BXP
BXP (NYSE: BXP) is the largest publicly traded developer, owner,
and manager of premier workplaces in the United States,
concentrated in six dynamic gateway markets - Boston, Los Angeles,
New York, San Francisco, Seattle, and Washington, DC. BXP has
delivered places that power progress for our clients and
communities for more than 50 years. BXP is a fully integrated real
estate company, organized as a real estate investment trust (REIT).
As of September 30, 2022, including properties owned by
unconsolidated joint ventures, BXP’s portfolio totaled 53.5 million
square feet and 193 properties, including 14 properties under
construction/redevelopment. For more information about BXP, please
visit our website or follow us on LinkedIn or Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20230108005056/en/
AT BXP Mike LaBelle
Executive Vice President Chief Financial Officer
mlabelle@bxp.com
Helen Han Vice President, Investor Relations hhan@bxp.com
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