BOSTON--(BUSINESS WIRE)--Dec. 13, 2017--
Properties, Inc. (NYSE: BXP), the largest public owner and developer
of office buildings in the United States, announced today the redemption
price for the $850 million in aggregate principal amount of 3.700%
Senior Notes due 2018 (the “Notes”) issued by its operating partnership,
Boston Properties Limited Partnership, which will be redeemed in full on
December 17, 2017 (the “Redemption Date”).
The redemption price for the Notes will be approximately $865.5 million.
The redemption price includes approximately $2.8 million of accrued and
unpaid interest to, but not including, the Redemption Date. Excluding
the accrued and unpaid interest, the redemption price is approximately
101.49% of the principal amount being redeemed.
In connection with the early redemption of the Notes, the Company
expects to record a loss from early extinguishment of debt of
approximately $13.9 million, or approximately $0.08 per diluted share,
in the fourth quarter of 2017, which amount includes approximately $1.2
million of unamortized financing costs. The impact of the redemption of
the Notes was not previously reflected in Boston Properties’ earnings
guidance for 2017.
Boston Properties is a fully integrated real estate investment trust
that develops, redevelops, acquires, manages, operates and owns a
diverse portfolio of primarily Class A office space totaling 49.8
million square feet and consisting of 166 office properties (including
seven properties under construction), five retail properties, five
residential properties (including three properties under construction)
and one hotel. The Company is one of the largest owners and developers
of Class A office properties in the United States, concentrated in five
markets - Boston, Los Angeles, New York, San Francisco and Washington,
For more information about Boston Properties, please visit the Company’s
web site at www.bostonproperties.com.
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Source: Boston Properties, Inc.
Boston Properties, Inc.
Mike LaBelle, 617-236-3352
Chief Financial Officer
Investor Relations Manager