Alexandria Real Estate to repay line of credit with new note offering

By Tali Rackner

Norfolk, Va., June 1 – Alexandria Real Estate Equities, Inc. plans to reduce the outstanding balance on its unsecured senior line of credit with the proceeds from an offering of senior notes due 2027, according to a 424B5 filing with the Securities and Exchange Commission.

The REIT said it may then also borrow from time to time under the line of credit to provide funds for general working capital and other corporate purposes, which may include the reduction of the outstanding balances under its unsecured senior bank term loans, repayment of other debt and selective development, redevelopment or acquisition of properties.

As of March 31, Alexandria had about $299 million outstanding under the line of credit.

The real estate investment trust for life science labs is based in Pasadena, Calif.

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