Alexandria Real Estate commences cash tender offer for senior notes due 2024

Alexandria Real Estate Equities Inc. launched a cash tender offer for any and all of its outstanding 4.000% senior unsecured notes due 2024.

The office real estate investment trust said that as of Feb. 2, $650.0 million of the 2024 notes were outstanding, which were fully and unconditionally guaranteed by Alexandria Real Estate Equities LP, an indirectly wholly owned subsidiary of the REIT.

The tender offer is expected to expire at 5 p.m. ET on Feb. 9, unless extended or earlier terminated by the company. The settlement of the notes is slated for Feb. 10.

The tender offer consideration for each $1,000 principal amount of the notes will be determined at 2 p.m. ET on Feb. 9, unless extended.

Global Bondholder Services Corp. is the tender and information agent for the offering, while Goldman Sachs & Co. LLC is the dealer manager.

Moreover, the office landlord also initiated an underwritten public offering of two tranches of senior unsecured notes.

The notes will be fully and unconditionally guaranteed by Alexandria Real Estate Equities.

Net proceeds from the first tranche will be initially used to repurchase or redeem any and all of the company's outstanding 4.000% senior unsecured notes due 2024, as well as to finance, in whole or in part, recently completed and future eligible green projects.

The REIT will use the net proceeds from the second-tranche offering for general working capital and other general corporate purposes.

Goldman Sachs & Co., BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the joint bookrunning managers for the offering.