BXP Completes Closing of $1.2B Unsecured Term Loan Facility
Boston Properties Limited Partnership, the operating partnership of BXP, has closed on a new, $1.2 billion unsecured term loan facility that matures in May 2024, with one, 12-month extension option subject to the satisfaction of customary conditions.
Boston, MA-based BXP is a publicly traded developer, owner and manager of workplaces in the US that is organized as a real estate investment trust. As of September 30, 2022, including properties owned by unconsolidated joint ventures, BXP’s portfolio totaled 53.5 million square feet and 193 properties.
The term loan facility also includes an accordion feature that allows BPLP, at its option, to increase total commitments under the facility up to an additional $300 million in aggregate principal amount (such that the term loan facility shall not exceed $1.5 billion), subject to the satisfaction of customary conditions. The term loan currently bears interest at a variable rate equal to adjusted Term SOFR plus 0.85% per annum.
A portion of the proceeds were used to repay BPLP’s $730-million term loan that was scheduled to mature in May 2023, resulting in incremental proceeds of approximately $466 million that are available for general corporate purposes.BofA Securities, Inc. and JPMorgan Chase Bank, N.A. acted as joint lead arrangers and joint bookrunners for the facility, along with Bank of America, N.A., as administrative agent and lender; JPMorgan Chase Bank, N.A., as syndication agent and lender; and Wells Fargo, N.A.; The Bank of New York Mellon; Morgan Stanley Senior Funding, Inc.; U.S. Bank National Association; Bank of Nova Scotia; Truist Bank; Mizuho Bank, Ltd.; M&T Bank; Sumitomo Mitsui Banking Corporation; TD Bank, N.A.; and PNC Bank, National Association as documentation dgents; and a syndicate of banks as lenders.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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