BXP announced on September 23, 2025, that its operating partnership, Boston Properties Limited Partnership (BPLP), intends to offer $600.0 million aggregate principal amount of exchangeable senior notes due 2030. This proposed offering is planned as a private placement to persons reasonably believed to be qualified institutional buyers.
The offering aims to raise capital for BXP, which could be utilized to fund ongoing development projects, for general corporate purposes, or to strengthen the company's financial position. The specific terms of the notes, including interest rate and exchange price, were not disclosed in this initial announcement.
As exchangeable senior notes, this financing instrument carries the potential for future equity dilution if the notes are converted into BXP common stock. This aspect introduces a consideration for existing shareholders regarding the long-term impact on share count and ownership.
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