HRPT Properties to price $250 million convertible preferreds, talked at 6.25%-6.75%, up 10%-15%

By Kenneth Lim

Boston, Oct. 4 - HRPT Properties Trust plans to price $250 million of series D convertible preferred stock, talked at a dividend of 6.25% to 6.75% and an initial conversion premium of 10% to 15%.

The convertibles will be offered at par of $25, and pricing is expected Thursday after the market closes.

Merrill Lynch and Banc of America Securities LLC are the bookrunners of the registered deal.

The convertibles will be non-callable for the first five years, with a provisional call at 100% of the conversion price.

The preferreds will have dividend and takeover protection.

HRPT, a Newton, Mass.-based real estate investment trust focusing on office and industrial real estate, said it will use the proceeds of the deal to reduce its outstanding revolving debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.