Published on 8/19/2019 in the Prospect News Investment Grade Daily.
New Issue: Boston Properties sells $700 million 2.9% notes due 2030 at 130 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Aug. 19 – Boston Properties LP sold $700 million of 2.9% senior notes due March 15, 2030 on Monday at 99.954 to yield 2.905%, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-/BBB+) priced with a spread of 130 basis points over Treasuries.
Bookrunners were BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNY Mellon Capital Markets, LLC, Jefferies LLC, Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Proceeds will be used to redeem the company’s 5.625% senior notes due Nov. 15, 2020.
Boston-based Boston Properties is the operating subsidiary of real estate investment trust Boston Properties, Inc.
| Issuer: | Boston Properties LP
|
| Amount: | $700 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2030
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC, BNY Mellon Capital Markets, LLC, Jefferies LLC, Morgan Stanley & Co. LLC, 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 Scotia Capital (USA) Inc.
|
| Coupon: | 2.9%
|
| Price: | 99.954
|
| Yield: | 2.905%
|
| Spread: | Treasuries plus 130 bps
|
| Call features: | Make-whole call before March 15, 2030 at Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Aug. 19
|
| Settlement date: | Sept. 3
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
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