Boston Properties, Inc. (NYSE: BXP) (“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
agreed to sell $750.0 million of 6.500% senior unsecured notes due
2034 in an underwritten public offering through BNY Mellon Capital
Markets, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC,
Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC, as
joint book-running managers. The notes were priced at 99.697% of
the principal amount to yield 6.537% to maturity. The notes will
mature on January 15, 2034, unless earlier redeemed. The offering
is expected to close on May 15, 2023, subject to the satisfaction
of customary closing conditions.
The estimated net proceeds from the offering are expected to be
approximately $741.3 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.
Pending such allocation, BPLP intends to use the net proceeds
for the repayment of debt, including funding the redemption of the
$500.0 million aggregate principal amount of BPLP’s 3.125% senior
notes due 2023 that are scheduled to mature on September 1, 2023,
and any remaining net proceeds to fund development and
redevelopment projects or other investment opportunities and for
other uses. Pending such uses, BPLP may invest the net proceeds in
short-term, interest-bearing deposit accounts. Net proceeds
allocated to previously incurred costs associated with “eligible
green projects” will be available for the repayment of debt and
other uses.
This is BPLP’s sixth green bond offering. Since BPLP’s initial
green bond offering in November 2018, BPLP has issued an aggregate
principal amount of $4.30 billion in its five previous green bond
offerings.
BXP actively works to promote its growth and operations in a
sustainable and responsible manner and is a recognized leader in
green building. BXP has LEED certified approximately 34 million
square feet of its current in-service portfolio. BXP has publicly
announced sustainability goals and remains on track to achieve
carbon-neutral operations by 2025 and achieved its energy and water
reduction targets in 2022. BXP’s commitment to ESG and
sustainability performance has been recognized by numerous industry
groups and rankings. BXP was named to Newsweek’s List of America’s
Most Responsible Companies in 2023, ranking first in its industry
and 29th overall out of the 500 companies included on the list. BXP
was recently recognized for Best ESG Program by Commercial Property
Executive and was again named an ENERGY STAR Partner of the Year -
Sustained Excellence Award winner, as well as a Best in Building
Health winner by the Center for Active Design. BXP was recognized
as an inaugural Platinum level Green Lease Leader by the Institute
for Market Transformation and the U.S. Department of Energy and was
the recipient of Nareit’s prestigious Leader in the Light Award. In
addition, BXP earned its eleventh consecutive “Green Star”
recognition, the highest GRESB 5-star Rating, and an “A” disclosure
score.
BPLP has filed a registration statement (including a prospectus
and a preliminary prospectus supplement) with the Securities and
Exchange Commission (the “SEC”) 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
SEC for more complete information about BPLP and the 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 BNY Mellon
Capital Markets, LLC, Attention: BNY Mellon Capital Markets, LLC,
240 Greenwich Street, 3rd Floor, New York, New York 10286,
Attention: Dan Klinger, Telephone: (862) 485-3538; BofA Securities,
Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC
28255-0001, Attn: Prospectus Department, Toll-free: 1-800-294-1322,
E-mail: dg.prospectus_requests@bofa.com; J.P. Morgan Securities
LLC, c/o Broadridge Financial Solutions, Attn: Prospectus
Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by
telephone: 1-866-803-9204; Morgan Stanley & Co. LLC, 1585
Broadway, 6th Floor, New York, New York 10036, Telephone:
1-866-718-1649, Email: prospectus@morganstanley.com; and Wells
Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd
Avenue South, Suite 1000, Minneapolis, MN 55402, at 800-645-3751 or
email: wfscustomerservice@wellsfargo.com.
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.
BXP (NYSE: BXP) is the largest publicly traded developer, owner,
and manager of premier workplaces in the United States,
concentrated in six markets – Boston, Los Angeles, New York, San
Francisco, Seattle, and Washington, DC. BXP is a fully integrated
real estate company, organized as a real estate investment trust
(REIT), with more than 50 years of experience developing, owning,
managing, and acquiring exceptional properties in dynamic gateway
markets. At March 31, 2023, including properties owned by
unconsolidated joint ventures, BXP’s portfolio totals 54.5 million
square feet and 192 properties, including 15 properties under
construction/redevelopment.
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 BXP’s control and could materially affect actual results,
performance or achievements. These factors include, without
limitation, BXP’s ability to satisfy the closing conditions to the
pending transaction described above and successfully meet its ESG
goals and commitments, as well as other risks and uncertainties
detailed from time to time in BXP’s filings with the SEC. BXP 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/20230504006055/en/
AT BXP Mike LaBelle
Executive Vice President Chief Financial Officer and Treasurer
617.236.3352 Helen Han Vice President, Investor Relations
hhan@bxp.com
Boston Properties (NYSE:BXP)
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