BXP Expands Unsecured Credit Facility, Commercial Paper

Boston Properties

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(RTTNews) - BXP, Inc. (BXP), a real estate investment trust, on Monday announced that its operating partnership Boston Properties Limited Partnership has amended its credit agreements by expanding its unsecured credit facility to $2.95 billion and commercial paper to $750 million.

The company extends the maturity of its unsecured revolving credit facility and increases its revolver borrowing capacity by $250 million to $2.25 billion. The facility's maturity was extended by five years to March 2030.

The revolving credit facility has a 0.20% annual fee, with loans carrying a variable interest rate of Term SOFR plus 0.85%.

It also extended a $700 million unsecured term loan and raised its commercial paper program unsecured notes by $250 million to $750 million with maturities of up to one year.

The term loan now has an initial four-year term with two optional six-month extensions. At closing, BPLP used the full $700 million term loan to repay its existing $700 million loan, which was due in May 2025.

The term loan has a variable interest rate of Term SOFR plus 1.05%.

As of March 28, BPLP had $500 million in outstanding commercial paper at an average interest rate of 4.66%.

In the pre-market trading, BXP is 0.43% lesser at $66.41 on the Nasdaq.