Alexandria Real Estate to use note proceeds to repay term loan

By Tali David

Minneapolis, Feb. 22 - Alexandria Real Estate Equities, Inc. plans to use the net proceeds of its senior note offering to redeem its 2012 unsecured term loan under its unsecured credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

The company also plans to reduce the outstanding balance of its borrowings on its unsecured line of credit.

There is $250 million outstanding under Alexandria's unsecured term loan, according to the filing.

The company may also borrow, from time to time, under its unsecured line of credit to fund potential future acquisitions, to repay debt or for general working capital and other corporate purposes, including the selective development or redevelopment of existing or new life science properties, Alexandria said in the filing.

Alexandria Real Estate is a real estate investment trust based in Pasadena, Calif., that is focused on cluster development through the ownership, operation, management, selective acquisition, development, and redevelopment of properties containing life science laboratory space.

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