Boston Properties buys back $50 million 2.875% exchangeables due 2037

By Melissa Kory

Cleveland, Jan. 25 - Boston Properties, Inc. announced in its fourth-quarter report that its operating partnership repurchased $50 million of its 2.875% exchangeable senior notes due 2037 on Nov. 16.

The company paid about $51.1 million for the notes. The repurchased notes had an aggregate carrying value of the liability component of $48.4 million and the value of the equity component of $0.4 million, resulting in the recognition of a loss on early extinguishment of $2.3 million.

The notes are putable in February 2012.

The company purchased $132.8 million of the notes for $132.5 million during the quarter ended June 30, 2010 and $53.6 million of the notes for $53 million during the quarter ended March 31, 2010.

The real estate investment trust for office properties is based in Boston.

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