Boston Properties accordion partially exercised, ups credit facility commitments to $1.82 billion

By Mary-Katherine Stinson

Lexington, Ky., Oct. 2 – Boston Properties LP exercised a portion of the accordion for its ninth amended and restated credit agreement on Sept. 28, according to an 8-K filing with the Securities and Exchange Commission.

M&T Bank, Sumitomo Mitsui Banking Corp. and Banco Bilbao Vizcaya Argentaria, SA joined as new lenders and documentation agents under the agreement to provide $315 million in additional revolving credit commitments.

This increased the current maximum borrowing amount to $1.815 billion from $1.5 billion.

All other terms remain unchanged.

As previously disclosed, on June 15, 2021, the company entered into the agreement which provided for borrowings of up to $1.5 billion and included an accordion feature allowing the total commitment to be increased by up to $500 million, subject to syndication of the increase and other conditions.

Boston-based Boston Properties is the operating subsidiary of real estate investment trust Boston Properties, Inc.

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