Alexandria Real Estate Equities offers senior notes in two parts

By Mary-Katherine Stinson

Lexington, Ky., Feb. 1 – Alexandria Real Estate Equities, Inc. is offering fixed-rate senior notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes are guaranteed by Alexandria Real Estate Equities, LP.

The notes feature a make-whole call and then a par call.

Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are the bookrunners.

Truist Bank will initially act as the trustee, registrar and paying agent for the notes, subject to replacement at the company’s option.

Morrison & Foerster LLP will advise the company. Legal counsel with respect to Maryland law will be provided to the company by Venable LLP. Clifford Chance US LLP is legal counsel to the underwriters.

Proceeds will be used initially for general corporate purposes, including a reduction of the company’s unsecured senior line of credit and commercial paper program, debt repayment and selective development, redevelopment or acquisition of properties.

As of Dec. 31, the unsecured senior line of credit was undrawn. $100 million is outstanding under the company’s commercial paper program. The commercial paper notes were issued at a weighted-average yield to maturity of 5.55%.

Pasadena, Calif.-based Alexandria Real Estate Equities is a real estate investment trust focused on life science and technology campuses.

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