BOSTON--(BUSINESS WIRE)--Dec. 11, 2018--
Properties, Inc. (NYSE: BXP), one of the largest
publicly-traded developers, owners and managers of Class A office
properties in the United States, announced today the redemption price
for the $700.0 million in aggregate principal amount of 5.875% Senior
Notes due 2019 (the “Notes”) issued by its operating partnership, Boston
Properties Limited Partnership, which will be redeemed in full on
December 13, 2018 (the “Redemption Date”).
The redemption price for the Notes will be approximately $722.6 million.
The redemption price includes approximately $6.6 million of accrued and
unpaid interest to, but not including, the Redemption Date. Excluding
the accrued and unpaid interest, the redemption price is approximately
102.28% of the principal amount being redeemed.
In connection with the early redemption of the Notes, Boston Properties
expects to record a loss from early extinguishment of debt of
approximately $16.5 million, or approximately $0.10 per diluted share,
in the fourth quarter of 2018. This amount includes approximately $0.5
million of unamortized financing costs. Boston Properties expects the
impact of the redemption of the Notes and the related issuance in
November 2018 of $1.0 billion of 4.500% senior notes due 2028 to reduce
Boston Properties’ projected 2019 net interest expense by approximately
$0.01 per share. Neither the impact of the issuance of the new debt
securities nor the early redemption of the Notes was reflected in Boston
Properties’ earnings guidance for 2018 or 2019.
Boston Properties (NYSE: BXP) is one of the largest publicly-traded
developers, owners and managers of Class A office properties in the
United States, concentrated in five markets - Boston, Los Angeles, New
York, San Francisco and Washington, DC. The Company is a fully
integrated real estate company, organized as a real estate investment
trust (REIT), that develops, manages, operates, acquires and owns a
diverse portfolio of primarily Class A office space. The Company’s
portfolio totals 52.7 million square feet and 200 properties, including
fourteen properties under construction.
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Source: Boston Properties, Inc.
AT THE COMPANY
Chief Financial Officer and Treasurer
Vice President, Investor Relations