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Boston Properties prices $865.5M notes redemption

Boston Properties Inc. will redeem its outstanding 3.700% senior notes worth $850 million at an approximately $865.5 million price.

The redemption price for the notes due 2018 translates to approximately 101.49% of the principal amount, plus about $2.8 million of accrued and unpaid interest. The notes were issued by its operating partnership, Boston Properties LP, and will be redeemed in full Dec. 17.

Boston Properties Ltd. also raised roughly $841.2 million in net proceeds from an $850 million notes offering in order to finance the redemption.

Due to the redemption, Boston Properties expects to log a loss equivalent to 8 cents per diluted share in the 2017 fourth quarter. The loss of roughly $13.9 million from early debt extinguishment also factors in roughly $1.2 million of unamortized financing costs.