Boston Properties Prices $700 Million Offering of Senior Unsecured Notes

  Boston Properties Prices $700 Million Offering of Senior Unsecured Notes

Business Wire

BOSTON -- June 18, 2013

Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced
today that its operating partnership, Boston Properties Limited Partnership
(“BPLP”), has agreed to sell $700 million of 3.800% senior unsecured notes due
2024 in an underwritten public offering through Deutsche Bank Securities Inc.,
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated
and Morgan Stanley & Co. LLC, as joint book-running managers. The notes were
priced at 99.694% of the principal amount to yield 3.835% to maturity. The
notes will mature on February 1, 2024 unless earlier redeemed. The offering is
expected to close on June 27, 2013.

The estimated net proceeds from this offering are expected to be approximately
$691.9 million after deducting underwriting discounts and estimated
transaction expenses of approximately $8.1 million. BPLP intends to use the
net proceeds from the sale of the notes for general business purposes, which
may include investment opportunities and debt reduction. Pending such uses,
BPLP may invest the net proceeds in short-term, interest-bearing securities.

The offering is being made only by means of a prospectus and related
prospectus supplement, a copy of which may be obtained from Deutsche Bank
Securities Inc. at Attention: Prospectus Group, 60 Wall Street, New York, NY
10005-2836, or by calling toll free at (800) 503-4611 or by emailing
prospectus.CPDG@db.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New
York, New York 10179, Attention: High Grade Syndicate Desk, 3^rd floor, or by
calling (212) 834-4533; Merrill Lynch, Pierce, Fenner & Smith Incorporated,
222 Broadway, 11^th Floor, New York, New York 10038, Attention: Prospectus
Department, by calling (800) 294-1322 or by email at
dg.prospectus_requests@baml.com; and Morgan Stanley & Co. LLC, 180 Varick
Street, 2^nd Floor, New York, New York 10014, Attention: Prospectus
Department, or by calling (866) 718-1649 or by email at
prospectus@morganstanley.com. An effective registration statement is on file
with the Securities and Exchange Commission (SEC), and a copy of the
prospectus and related prospectus supplement also will be available on the
SEC’s website at www.sec.gov.

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 state in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state.

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 office properties, one hotel, three
residential properties and four retail properties. The Company is one of the
largest owners and developers of 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 satisfy the closing conditions to the pending transaction described above
and 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.

Contact:

Boston Properties, Inc.
Michael Walsh, 617-236-3410
Senior Vice President, Finance
or
Arista Joyner, 617-236-3343
Investor Relations Manager
 
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