BOSTON--(BUSINESS WIRE)--Jun. 12, 2019--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190612005923/en/
Source: Boston Properties, Inc.
Mike LaBelle
Executive Vice President
Chief Financial Officer
617.236.3352
Sara Buda
Vice President, Investor Relations
sbuda@bxp.com
617.236.3429