Boston Properties buys back $53.6 million exchangeables in first quarter, $99.6 million more in April

By Susanna Moon

Chicago, April 27 - Boston Properties, Inc.'s operating partnership repurchased $53.6 million principal amount of its 2.875% exchangeable senior notes due 2037 in the first quarter ended March 31 for $53 million, according to the company's earnings release for the quarter.

Holders may require the operating partnership to repurchase the notes in February 2012.

The repurchased notes had an aggregate carrying value of $50.8 million, resulting in the recognition of a loss on extinguishment of approximately $2.2 million.

In addition, the operating partnership repurchased about $99.6 million principal amount of the 2.875% exchangeables in April for about $99.5 million.

These repurchased notes had an aggregate carrying value of about $94.8 million, resulting in the recognition of a loss on extinguishment of about $4.7 million during the second quarter.

The real estate investment trust for office properties is based in Boston.

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