| AT THE COMPANY | AT THE FRB -- WEBER SHANDWICK |
|---|---|
| Douglas T. Linde Chief Financial Officer (617) 236-3300 | Marilynn Meek — General Info. (212) 445-8451 Suzie Pileggi — Media (212) 445-8170 |
FOR IMMEDIATE RELEASE: | |
| March 11, 2003 |
BOSTON PROPERTIES PRICES OFFERING OF SENIOR UNSECURED NOTES
Boston, MA — March 11, 2003 — Boston Properties, Inc. (NYSE: BXP), a real estate investment trust, announced today that its operating partnership, Boston Properties Limited Partnership, has priced an offering of $300 million in aggregate principal amount of its 5.625% senior unsecured notes due April 15, 2015. The notes were priced at 99.898% of their face amount to yield 5.636%. The Company intends to use the net proceeds from the offering to repay secured debt and also for other general business purposes.
The notes have been offered only to qualified institutional buyers in the United States under Rule144A under the Securities Act of 1933, as amended (the "Securities Act"), and certain investors outside of the United States under Regulation S under the Securities Act. The offering of the notes has not been registered under the Securities Act or any state securities laws and the notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. In connection with the offering, the Company has agreed, subject to certain terms and conditions, to subsequently file an exchange offer registration statement under the Securities Act in order to effect the exchange of the unregistered notes for substantially identical registered notes.
This press release does not and will not constitute an offer to sell or the solicitation of an offer to buy the notes. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
Boston Properties is a fully integrated, self-administered and self-managed real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of Class-A office, industrial and hotel properties. The Company is one of the largest owners and developers of Class-A office properties in the United States, concentrated in four core markets — Boston, Midtown Manhattan, Washington, DC and San Francisco.
This press release contains forward-looking statements within the meaning of the Federal securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Boston Properties' control and could materially affect actual results, performance or achievements. These factors include, without limitation, that completion of the aforementioned offering is subject to, among other things, market condition, that no assurance can be given that the offering can be completed under acceptable terms or on the anticipated timetable, and other risks and uncertainties detailed from time to time in the company's filings with the Securities and Exchange Commission.
Visit the Company's web site athttp://www.bostonproperties.comAlso seehttp://www.frbinc.com
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