BXP falls after exchangeable notes sale increased to $850 mln

BXP

25/09/2025 14:44

** Shares of office REIT BXP BXP.N down 2.3% at $73.74 early Thurs after it secures capital raise to refinance debt

    ** BXP, formerly known as Boston Properties, early Thurs announces pricing
     private offering of $850 mln 2% 5-yr exchangeable notes

      ** Initial conversion price of $92.44 represents 22.5% premium over stock's close on Weds

      ** BXP shares on Weds fell 1% after co announced $
600 mln offering to partially fund repayment or redemption of the $1 bln principal of its 3.65% notes scheduled to mature on Feb 1, 2026

** Co intends to use $29.8 mln to pay cost of capped calls; the cap price of these transactions is initially $105.64, 40% above stock's last sale

** Including move on Thurs, BXP shares down 0.7% YTD

    ** 5 of 20 analysts covering BXP rate the stock "strong buy" or "buy" and 15 rate "hold";  median PT is $77, per latest LSEG data

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

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