Published on 8/8/2016 in the Prospect News Investment Grade Daily.
New Issue: Boston Properties sells $1 billion 2.75% 10-year senior notes with 125 bps spread
By Cristal Cody
Eureka Springs, Ark., Aug. 8 – Boston Properties LP sold $1 billion of 2.75% 10-year senior notes with a spread of 125 basis points over Treasuries, according to a FWP filing with the Securities and Exchange Commission on Monday.
The notes due Oct. 1, 2026 (Baa2/A-/BBB+) priced at 99.271 to yield 2.833%.
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, US Bancorp Investments Inc., BNY Mellon Capital Markets, LLC, Citigroup Global Markers Inc. and Wells Fargo Securities, LLC were the bookrunners.
Proceeds will be used to repay debt, to settle forward-starting interest rate swap contracts or for other general business purposes.
Boston-based Boston Properties is the operating subsidiary of real estate investment trust Boston Properties, Inc.
| Issuer: | Boston Properties LP
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| Amount: | $1 billion
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| Description: | Senior notes
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| Maturity: | Oct. 1, 2026
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| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, US Bancorp Investments Inc., BNY Mellon Capital Markets, LLC, Citigroup Global Markers Inc. and Wells Fargo Securities, LLC
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| Co-managers: | MUFG, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
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| Coupon: | 2.75%
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| Price: | 99.271
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| Yield: | 2.833%
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| Spread: | Treasuries plus 125 bps
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| Trade date: | Aug. 8
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| Settlement date: | Aug. 17
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| Call feature: | Make-whole call before Oct. 1, 2026 at Treasuries plus 20 bps; at par thereafter
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| Ratings: | Moody’s: Baa2
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| Standard & Poor’s: A-
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| Fitch: BBB+
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| Distribution: | SEC registered
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