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Boston Properties Prices $850.0 Million Offering of Green Bonds and Announces Redemption of 5.25% Series B Cumulative Redeemable Preferred Stock

Nachrichtenquelle: Business Wire (engl.)
02.03.2021, 22:45  |  129   |   |   

Boston Properties, Inc. (NYSE: BXP) (the “Company”), the largest publicly-traded developer, 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 issue $850.0 million of 2.550% senior unsecured notes due 2032 in an underwritten public offering through BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC as joint book-running managers (the “Offering”). The notes were priced at 99.570% of the principal amount to yield 2.595% to maturity. The notes will mature on April 1, 2032 unless earlier redeemed. The Offering is expected to close on March 16, 2021, subject to the satisfaction of customary closing conditions. In addition, the Company announced that it will redeem all outstanding shares of its 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”) (CUSIP 101121 309/US1011213097) and the corresponding depositary shares, each representing 1/100th of a share of Series B Preferred Stock (the “Depositary Shares”) (NYSE: BXP PRB) (CUSIP 101121 408/US1011214087), on April 1, 2021 (the “Redemption”).

The Offering

The estimated net proceeds from the Offering are expected to be approximately $839.2 million. BPLP intends to allocate an amount equal to the net proceeds from the Offering to the financing and refinancing of recently completed and future “eligible green projects” in the United States.

This is BPLP’s third green bond offering, following its initial $1.0 billion green bond offering in November 2018 and its $850.0 million green bond offering in June 2019. BPLP currently owns and actively manages 28.8 million square feet of green building projects, of which 96% 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 nine consecutive Global Real Estate Sustainability Benchmark (GRESB) “Green Star” recognitions and the highest GRESB 5-star Rating. Over the last 12 years, BPLP has implemented energy conservation projects and other measures in actively managed office buildings that have reduced site energy use intensity by 27% and greenhouse gas emissions intensity by 70%.

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Boston Properties Prices $850.0 Million Offering of Green Bonds and Announces Redemption of 5.25% Series B Cumulative Redeemable Preferred Stock Boston Properties, Inc. (NYSE: BXP) (the “Company”), the largest publicly-traded developer, owner and manager of Class A office properties in the United States, announced today that its operating partnership, Boston Properties Limited Partnership …

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