Published on 3/2/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Boston Properties prices $850 million 2.55% green notes due 2032 at 118 bps spread
By Taylor Fox and Cristal Cody
New York, March 2 – Boston Properties LP sold $850 million of 2.55% senior notes due April 1, 2032 (Baa1/BBB+) at 99.57 to yield 2.595%, or a spread of Treasuries plus 118 basis points, according to an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 145 bps area, according to a market source.
Bookrunners were BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
Proceeds will be used to refinance or refinance eligible green projects. Pending that allocation, the company may use the proceeds to repay all amounts under the company’s $500 million delayed-draw term loan facility, to redeem all of the company’s outstanding series B preferred units and for other uses.
Boston-based Boston Properties is the operating subsidiary of real estate investment trust Boston Properties, Inc.
| Issuer: | Boston Properties LP
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| Amount: | $850 million
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| Description: | Senior notes
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| Maturity: | April 1, 2032
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| Bookrunners: | BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
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| Co-managers: | Fifth Third Securities, Inc., Mizuho Securities USA LLC and Siebert Williams Shank & Co., LLC
|
| Coupon: | 2.55%
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| Price: | 99.57
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| Yield: | 2.595%
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| Spread: | Treasuries plus 118 bps
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| Call features: | Make-whole call before April 2032 at Treasuries plus 20 bps; thereafter at par
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| Trade date: | March 2
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| Settlement date: | March 16
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| Ratings: | Moody’s: Baa1
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| S&P: BBB+
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| Distribution: | SEC registered
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| Price talk: | 145 bps area over Treasuries
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