WASHINGTON (dpa-AFX) - Boston Properties, Inc. (BXP) announced that its operating partnership, Boston Properties Limited Partnership or BPLP, has agreed to sell $700 million of 3.800% senior unsecured notes due 2024 in an underwritten public offering.
The company said the notes were priced at 99.694% of the principal amount to yield 3.835% to maturity. The notes will mature on February 1, 2024 unless earlier redeemed. The offering is expected to close on June 27, 2013.
Boston Properties stated that the estimated net proceeds from this offering are expected to be about $691.9 million after deducting underwriting discounts and estimated transaction expenses of approximately $8.1 million.
BPLP intends to use the net proceeds from the sale of the notes for general business purposes, which may include investment opportunities and debt reduction. Pending such uses, BPLP may invest the net proceeds in short-term, interest-bearing securities.
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