BXP Prices $700M Senior Notes to Refinance $1B Maturing Debt
BXP sits 34% above its 52-week low of $49.72.
Summary
BXP's operating partnership priced a $700M senior unsecured notes offering at 6.050% due 2036, yielding 6.070% to maturity. Net proceeds of ~$692.4M will go toward redeeming the $1.0B 2.750% notes maturing October 1, 2026, with the remainder funded from cash or the revolver. This is a routine refinancing that extends maturity and locks in current rates, but the 6.05% coupon is notably higher than the 2.75% being retired, increasing interest expense. The deal follows strong Q2 results and a $1.2B construction loan secured in July, showing continued access to capital markets. Closing is expected August 31, 2026.
At the time of this announcement, BXP was trading at $66.69 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $10.6B. The 52-week trading range was $49.72 to $79.33. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: BusinessWire.