BXP dips after $600 mln exchangeable notes sale unveil

BXP

24/09/2025 14:37

** Shares of office REIT BXP BXP.N down 1.1% at $75.37 early Weds as it seeks capital raise to refinance debt

** BXP, formerly known as Boston Properties, early Weds announced private offering of $600 mln 5-yr exchangeable notes

** It intends to use net offering proceeds to partially fund repayment or redemption of the $1 bln principal amount of its 3.65% notes scheduled to mature on Feb 1, 2026

** Co also intends to use offering proceeds to pay cost of capped calls, derivative transactions employed to help mitigate potential dilution

** BXP has about $12 bln market cap

** With move on the session, BXP shares up 1.3% YTD. That compares to ~1.5% drop in S&P 1500 Office REITs index .SPCOMORE and 3% advance in S&P 500 Real Estate sector .SPLRCR in 2025

** Of 21 analysts covering BXP, recommendation breakdown is 6 "strong buy" or "buy" and 15 "hold" ratings; median PT is $77, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))