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Alexandria Real Estate Equities prices $600M debt offering

Alexandria Real Estate Equities Inc. priced a $600.0 million public offering of two tranches of senior notes.

The office real estate investment trust priced $400.0 million of 2.750% senior notes due 2029 at 99.842% of the principal amount with a 2.767% yield to maturity. It also priced $200.0 million of 4.000% senior notes due 2050 at 110.380% of the principal amount, plus accrued interest since July 15, with a 3.441% yield to maturity.

The offering is expected to close on or about Sept. 12, subject to customary closing conditions.

Net proceeds will be used to repay the outstanding balance on the REIT's unsecured senior bank term loan and to reduce the outstanding balance on its unsecured senior line of credit, with the remainder to be used for general corporate purposes.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Mizuho Securities USA LLC and TD Securities (USA) LLC are serving as joint book-running managers.

BTIG LLC, Evercore Group LLC, Barclays Capital Inc., BB&T Capital Markets, BBVA Securities Inc., Capital One Securities Inc., RBC Capital Markets LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the co-managers.