BXP, Inc. announced that its operating partnership, Boston Properties Limited Partnership, has agreed to sell $700 million of 6.050% senior unsecured notes due 2036 in an underwritten public offering. The notes were priced at 99.837% of the principal amount to yield 6.070% to maturity, and the offering is expected to close on August 31, 2026. The estimated net proceeds are approximately $692.4 million, which will be used to fund the redemption or repayment of the $1.0 billion aggregate principal amount of 2.750% senior notes due 2026 that mature on October 1, 2026. BPLP intends to use available cash and/or borrowings under its unsecured revolving line of credit to fund the remaining portion needed to redeem or repay the 2026 Notes in full. The joint book-running managers for the offering are J.P. Morgan Securities LLC, BBVA Securities Inc., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
BXP, Inc.BXP prices $700M notes at 6.05% to refinance lower-rate 2.75% notes due 2026, increasing interest costs.
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