Boston Properties sets 101.49 redemption price for 3.7% senior notes

By Sarah Lizee

Olympia, Wash., Dec. 14 – Boston Properties LP will redeem all $850 million of its 3.7% senior notes due 2018 at a price of 101.49, according to a press release.

The notes will be redeemed on Dec. 17 for a total redemption price of $865.5 million, which includes $2.8 million of accrued interest up to but excluding the redemption date.

In connection with the early redemption, the company said it expects to record a loss from early extinguishment of debt of roughly $13.9 million, or about $0.08 per diluted share, in the fourth quarter of 2017, which includes about $1.2 million of unamortized financing costs.

The impact of the redemption was not previously reflected in Boston Properties’ earnings guidance for 2017, the release said.

Boston-based Boston Properties is the operating subsidiary of real estate investment trust Boston Properties, Inc.

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