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Alexandria Real Estate accepts all $585.4 million tendered 4% notes, plans to redeem remainder
By Taylor Fox
New York, Feb. 10 – Alexandria Real Estate Equities, Inc. announced the expiration of its Feb. 3 cash tender offer for any and all of its $650 million outstanding 4% senior notes due 2024 (Cusip: 015271AM1) guaranteed by Alexandria Real Estate Equities, LP, according to a news release.
As of the 5 p.m. ET on Feb. 9 expiration time, $585,397,000, or 90.06%, of the notes were tendered and not withdrawn.
The company will pay a total consideration of $1,102.42 per $1,000 principal amount of notes, calculated using the 0.125% U.S. Treasury notes due Dec. 15, 2023 and a fixed spread 20 basis points as of 2 p.m. ET on Feb. 9.
The offer will be funded using the proceeds from its issuance of 2% senior notes due 2032 and 3% senior notes due 2051.
The settlement date is expected to be Feb. 10.
Notes tendered by notice of guaranteed delivery and accepted for purchase will be purchased on Feb. 12.
Global Bondholder Services Corp. (866 924-2200, 212 430-3774; contact@gbsc-usa.com) is the tender and information agent, and Goldman Sachs & Co. LLC (212 902-6351; gs-lm-nyc@gs.com) is the dealer manager.
Remainder to be redeemed
Following the tender offer, Alexandria Real Estate separately said it plans to redeem all of the remaining $64,603,000 outstanding 4% senior notes due 2024, according to a news release.
The notes will be redeemed March 12 at par plus a make-whole premium plus interest.
Alexandria Real Estate Equities, LP is the guarantor, and Truist Bank is the trustee.
Alexandria is a Pasadena, Calif.-based owner and operator of real estate and technical infrastructure for the life science industry.
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