BXP announced that its operating partnership, Boston Properties Limited Partnership (“BPLP”), has closed on a new, $1.2 billion unsecured term loan facility that matures in May 2024, with one, twelve-month extension option subject to the satisfaction of customary conditions. 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 $300.0 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 $730.0 million term loan that was scheduled to mature in May 2023, resulting in incremental proceeds of approximately $466.0 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 Agents; and a syndicate of banks as lenders.