New Issue: Boston Properties sells $750 million 6.5% green notes due January 2034 to yield 6.537%

By Wendy Van Sickle

Columbus, Ohio, May 4 – Boston Properties LP priced $750 million of 6.5% green senior notes due Jan. 15, 2034 (Baa1/BBB+) at Treasuries plus 320 basis points on Thursday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.697 to yield 6.537%.

BNY Mellon Capital Markets, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., M&T Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. are the bookrunners.

Ultimately proceeds will be allocated to finance or refinance recently completed or future eligible green projects. Pending such allocation, proceeds will be used to redeem the company’s outstanding $500 million notes due Sept. 1, 2023 and any remaining net proceeds will be used to fund development and redevelopment projects or other investment opportunities and for other uses.

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

Issuer:	Boston Properties LP
Amount:	$750 million
Issue:	Green senior notes
Maturity:	Jan. 15, 2034
Bookrunners:	BNY Mellon Capital Markets, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., M&T Securities, Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc.
Co-managers:	Fifth Third Securities, Inc. and Siebert Williams Shank & Co., LLC
Trustee:	Bank of New York Mellon Trust, NA
Counsel to issuer:	Skadden, Arps, Slate, Meagher & Flom LLP
Counsel to underwriters:	Goodwin Procter LLP
Coupon:	6.5%
Price:	99.697
Yield:	6.537%
Spread:	Treasuries plus 320 bps
Call:	Make-whole call at Treasuries plus 50 bps until Oct. 15, 2033 prior to maturity, then par call
Pricing date:	May 4
Settlement date:	May 15
Ratings:	Moody’s: Baa1
	S&P: BBB+
Distribution:	SEC registered
Cusip:	10112RBH6

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