Boston Properties Announces Redemption Price for 3.85% Senior Notes Due February 2023
13 Ottobre 2021 - 1:00PM
Business Wire
Boston Properties, Inc. (NYSE: BXP), the largest publicly
traded developer, owner, and manager of Class A office properties
in the United States, announced today the redemption price for the
$1.0 billion in aggregate principal amount of 3.85% senior
unsecured notes due February 1, 2023 (the “3.85% Notes”) issued by
its operating partnership, Boston Properties Limited Partnership
(“BPLP”).
The 3.85% Notes will be redeemed in full on October 15, 2021
(the “Redemption Date”), and the redemption price for the 3.85%
Notes will be approximately $1.05 billion. The redemption price
includes approximately $7.9 million of accrued and unpaid interest
to, but not including, the Redemption Date. Excluding the accrued
and unpaid interest, the redemption price is approximately 104.28%
of the principal amount being redeemed. The redemption is being
funded by the net proceeds from the offering in September 2021 of
$850.0 million of 2.45% senior unsecured notes due 2033 (the “2.45%
Notes”), borrowings under BPLP’s unsecured revolving credit
facility and available cash.
As a result of the early redemption of the 3.85% Notes, Boston
Properties expects to record a loss from early extinguishment of
debt of approximately $43.9 million, or approximately $0.25 per
diluted share, in the fourth quarter of 2021. This amount includes
approximately $1.0 million of unamortized financing and other
costs.
“We're pleased with the timing and execution of this
refinancing, which will reduce the Company’s borrowing costs
through the redemption of $1.0 billion of the 3.85% Notes with
$850.0 million of the 2.45% Notes,” said Michael LaBelle, Executive
Vice President, CFO, BXP. “This refinancing demonstrates our
strategy of actively managing our strong balance sheet and access
to capital to minimize long-term debt costs.”
Boston Properties (NYSE: BXP) is the largest publicly traded
developer, owner, and manager of Class A office properties in the
United States, concentrated in six markets - Boston, Los Angeles,
New York, San Francisco, Seattle, 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. Including properties owned by unconsolidated joint ventures,
as of June 30, 2021, the Company’s portfolio, totaled 51.5 million
square feet and 197 properties, including nine properties under
construction/redevelopment. For more information about Boston
Properties, please visit our website at www.bxp.com or follow us on
LinkedIn or Instagram.
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, the Company’s ability to satisfy the closing
conditions to the pending redemption 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/20211013005389/en/
AT THE COMPANY Mike LaBelle
Executive Vice President Chief Financial Officer and Treasurer
617.236.3352
Laura Sesody Vice President, Corporate Marketing &
Communication lsesody@bxp.com
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