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Alexandria Real Estate prices $850M notes

Alexandria Real Estate Equities Inc. priced its public offering of three tranches of senior notes totaling $850.0 million.

The company priced $200.0 million aggregate principal amount of 4.0% senior notes due 2024, $350.0 million aggregate principal amount of 3.8% senior notes due 2026 and $300.0 million aggregate principal amount of 4.85% senior notes due 2049.

The senior notes due 2024 will become part of the same series as the company's outstanding 4.0% senior notes due 2024, while the senior notes due 2026 and the senior notes due 2049 are new issues of securities.

The senior notes due 2026 were priced at 99.893% of the principal amount with a yield to maturity of 3.817%, and the senior notes due 2049 were priced at 99.949% of the principal amount with a yield to maturity of 4.853%. The senior notes due 2024 were priced at 102.368% of the principal amount plus interest deemed to have accrued since Jan. 15, 2019, with a yield to maturity of 3.453%.

The closing of the sale of the notes is expected to occur on or about March 21, subject to customary conditions.

The net proceeds from the notes are marked for funding green projects as well as paying down the outstanding balance on the company's unsecured senior line of credit.

Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and SMBC Nikko Securities America Inc. are serving as joint book-running managers in connection with the public offering.

Barclays Capital Inc., BB&T Capital Markets, BBVA Securities Inc., BNP Paribas Securities Corp., Capital One Securities Inc., Evercore Group LLC, Fifth Third Securities Inc., Mizuho Securities USA LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Regions Securities LLC, Samuel A. Ramirez & Co. Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., TD Securities (USA) LLC, US Bankcorp Investments Inc. and Wells Fargo Securities LLC are serving as co-managers in connection with the offering.