BOSTON--(BUSINESS WIRE)--Jun. 2, 2017--
Boston
Properties, Inc. (NYSE: BXP), a real estate investment trust,
announced today that it has renewed its “at the market” equity offering
program through which it may sell up to an aggregate of $600 million of
its common stock. This program replaces the Company’s prior $600 million
“at the market” equity offering program that was scheduled to expire on
June 3, 2017. Any sales of stock would be offered through BNY Mellon
Capital Markets, LLC, BofA Merrill Lynch, Deutsche Bank Securities Inc.,
Jefferies LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC,
Morgan Stanley & Co. LLC and Scotia Capital (USA) Inc., who will be
acting as sales agents.
Michael LaBelle, the Company's Chief Financial Officer, stated: “As we
have discussed on recent investor calls, our sources of liquidity,
including cash balances and availability under our recently amended line
of credit, are more than sufficient to meet our anticipated capital
needs, including the completion of our existing development pipeline. In
addition, our leverage is within our desired range so we have no
near-term need to use the program. However, the program is a valuable
tool to maintain as an additional funding alternative.”
The program would allow the Company to sell up to $600 million of its
common stock from time to time through the sales agents for a three-year
period. The sales, if any, would be made in "at the market" equity
offerings as defined in Rule 415 of the Securities Act. In addition, the
common stock may be offered and sold through privately negotiated
transactions. The Company intends to use the proceeds from any offering
for general corporate purposes, which may include investment
opportunities and debt reduction.
The Company has filed a registration statement (including a prospectus)
with the SEC for the offering of common stock described in this
communication. Before you invest, you should read the prospectus
included in that registration statement and other documents the Company
has filed with the SEC for more complete information about the Company
and this offering. You may obtain these documents for free by visiting
EDGAR on the SEC website at www.sec.gov.
Alternatively, the Company or the sales agents will arrange to send you
the prospectus if you request it by contacting BNY Mellon Capital
Markets, LLC, Attention Prospectus Department, 101 Barclay Street, 3rd
Floor, New York, NY 10286 or by emailing a request to prosuppinfo@bnymellon.com;
BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor,
Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at dg.prospectus_requests@baml.com;
Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall
Street, New York, NY 10005-2836, by email to prospectus.cpdg@db.com,
or by telephone at 800-503-4611; Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, NY 10022, telephone: 1-877-821-7388 or e-mail: Prospectus_Department@Jefferies.com;
J.P. Morgan Securities LLC, Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, New York 11717 or by calling 866-803-9204;
Mizuho Securities USA LLC, 320 Park Avenue, New York, NY 10022,
Attention: Equity Capital Markets Desk, or by telephone: (212) 205-7600;
Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, Second Floor, New York, New York 10014 or by emailing a request
to prospectus@morganstanley.com
or by calling 1-866-718-1649; and Scotia Capital (USA) Inc., 250 Vesey
Street, New York, NY 10281, Attention Equity Capital Markets, or by
telephone: (212) 225-6854.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any security, nor shall there be any
sale of the Company's common stock in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 47.7
million square feet and consisting of 164 office properties (including
six properties under construction), five retail properties, four
residential properties (including two 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170602005885/en/
Source: Boston Properties, Inc.
Boston Properties, Inc.
Mike LaBelle, 617-236-3352
Executive
Vice President
Chief Financial Officer
or
Arista Joyner,
617-236-3343
Investor Relations Manager