BXP Exercises $315.0 Million Accordion Feature Increasing Its Revolving Credit Facility Capacity to More Than $1.8 Billion
October 02 2023 - 7:15AM
Business Wire
BXP (NYSE: BXP), the largest publicly traded developer, owner,
and manager of premier workplaces in the United States, announced
today that its operating partnership, Boston Properties Limited
Partnership (“BPLP”), has exercised a portion of the accordion
feature under its existing revolving credit facility to increase
the available borrowing capacity by an aggregate amount of $315.0
million, increasing the facility’s maximum borrowing capacity to
$1.815 billion. The facility currently has no outstanding
balances.
“We are pleased to expand our borrowing capacity and increase
the number of participants in our credit facility. This upsizing,
especially in current market conditions, is a further testament to
BXP’s strong financial position and the strength and support of our
banking relationships,” stated Mike LaBelle, EVP, CFO, &
Treasurer, BXP. “This additional borrowing capacity provides
enhanced liquidity and financial flexibility as we uphold our
position as the market leader of premier workplaces and continue to
create long-term value for our clients and shareholders.”
The accordion exercise added three new lenders to the facility:
M&T Bank, Sumitomo Mitsui Banking Corporation and Banco Bilbao
Vizcaya Argentaria, S.A. The original accordion feature provided
BPLP with an option to increase commitments by up to $500.0
million. Following this accordion exercise, BPLP could increase
total commitments under the facility by up to an additional $185.0
million, subject to certain conditions.
ABOUT BXP
BXP (NYSE: BXP) is the largest publicly traded developer, owner,
and manager of premier workplaces in the United States,
concentrated in six dynamic gateway markets - Boston, Los Angeles,
New York, San Francisco, Seattle, and Washington, DC. BXP has
delivered places that power progress for our clients and
communities for more than 50 years. BXP is a fully integrated real
estate company, organized as a real estate investment trust (REIT).
As of June 30, 2023, including properties owned by unconsolidated
joint ventures, BXP’s portfolio totaled 54.1 million square feet
and 191 properties, including 13 properties under
construction/redevelopment. For more information about BXP, please
visit our website or follow us on LinkedIn or Instagram.
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AT BXP
Mike LaBelle Executive Vice President Chief Financial Officer
mlabelle@bxp.com
Helen Han Vice President, Investor Relations hhan@bxp.com
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