Published on 11/13/2018 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Boston Properties prices $1 billion 4.5% 10-year senior notes with 140 bps spread
By Cristal Cody
Tupelo, Miss., Nov. 13 – Boston Properties LP sold $1 billion of 4.5% 10-year green senior notes at 99.641 to yield 4.545% on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-/BBB+) priced with a spread of 140 basis points over Treasuries.
Bookrunners were Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Jefferies LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Proceeds will be used to finance and refinance green projects. The proceeds will be used initially to fund the repayment of debt, including the redemption of 5.875% notes due Oct. 15, 2019.
Boston-based Boston Properties is the operating subsidiary of real estate investment trust Boston Properties, Inc.
| Issuer: | Boston Properties LP
|
| Amount: | $1 billion
|
| Description: | Green senior notes
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| Maturity: | Dec. 1, 2028
|
| Bookrunners: | Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Morgan Stanley & Co. LLC, BNY Mellon Capital Markets, LLC, Citigroup Global Markets Inc., Jefferies LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BB&T Capital Markets, Fifth Third Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC
|
| Coupon: | 4.5%
|
| Price: | 99.641
|
| Yield: | 4.545%
|
| Spread: | Treasuries plus 140 bps
|
| Call features: | Make-whole call before Dec. 1, 2028 at Treasuries plus 25 bps; thereafter at par
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 28
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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