BOSTON -- (Business Wire)
Boston Properties, Inc. (NYSE:BXP), a real estate investment trust,
announced today that it has priced an underwritten public offering of
8,000,000 depositary shares, each representing a 1/100th of a share of
its newly designated 5.25% Series B Cumulative Redeemable Preferred
Stock, at a price of $25.00 per depositary share. The Company has
granted the underwriters an option to purchase up to an additional
1,200,000 depositary shares within 30 days solely to cover
over-allotments, if any. The offering is expected to close on or about
March 27, 2013, subject to customary closing conditions.
The estimated net proceeds from this offering are expected to be
approximately $193.7 million (or approximately $222.8 million if the
underwriters exercise their over-allotment option in full) after
deducting the underwriting discount and estimated transaction expenses
of approximately $6.3 million. The Company intends to use the net
proceeds for general business purposes, which may include investment
opportunities and debt reduction.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
LLC and Wells Fargo Securities, LLC acted as joint book-running managers
of the offering. BNY Mellon Capital Markets, LLC, Citigroup Global
Markets Inc. and J.P. Morgan Securities LLC served as co-managers for
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be any
sale of these securities in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
An effective registration statement is on file with the Securities and
Exchange Commission ("SEC"). The offering is being made only by means of
a prospectus and related prospectus supplement, copies of which may be
obtained from Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222
Broadway, 11th Floor, New York, NY 10038, Attention:
Prospectus Department, by calling 800-294-1322 or by email at firstname.lastname@example.org;
Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor,
New York, New York 10014, Attention: Prospectus Department, or by
calling 866-718-1649 or by email at email@example.com;
and Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675,
Charlotte, North Carolina 28262, Attn: Capital Markets Client Support,
telephone: 1-800-326-5897 or email: firstname.lastname@example.org.
Alternatively, copies of the prospectus and related prospectus
supplement will be available on the SEC's website at www.sec.gov.
Boston Properties is a fully integrated, self-administered and
self-managed real estate investment trust that develops, redevelops,
acquires, manages, operates and owns a diverse portfolio of Class A
office space, one hotel, three residential properties and four retail
properties. The Company is one of the largest owners and developers of
Class A office properties in the United States, concentrated in five
markets – Boston, New York, Princeton, San Francisco and Washington, DC.
This press release contains forward-looking statements within the
meaning of the Federal securities laws.You can identify these
statements by our use of the words “assumes,” “believes,” “estimates,”
“expects,” “guidance,” “intends,” “plans,” “projects” and similar
expressions that do not relate to historical matters.You should
exercise caution in interpreting and relying on forward-looking
statements because they involve known and unknown risks, uncertainties
and other factors which are, in some cases, beyond Boston Properties’
control and could materially affect actual results, performance or
achievements.These factors include, without limitation, the
Company’s ability to enter into new leases or renew leases on favorable
terms, dependence on tenants’ financial condition, the uncertainties of
real estate development, acquisition and disposition activity, the
ability to effectively integrate acquisitions, the uncertainties of
investing in new markets, the costs and availability of financing, the
effectiveness of our interest rate hedging contracts, the ability of our
joint venture partners to satisfy their obligations, the effects of
local, national and international economic and market conditions
(including the impact of the European sovereign debt issues), the
effects of acquisitions, dispositions and possible impairment charges on
our operating results, the impact of newly adopted accounting principles
on the Company’s accounting policies and on period-to-period comparisons
of financial results, regulatory changes and other risks and
uncertainties detailed from time to time in the Company’s filings with
the SEC.Boston Properties does not undertake a duty to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Boston Properties, Inc.
Michael Walsh, 617-236-3410
Vice President, Finance
Arista Joyner, 617-236-3343
Source: Boston Properties, Inc.
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