BXP, Inc. Completes $700M Senior Notes Offering to Refinance 2026 Debt

What Happened
On August 31, 2026, Boston Properties Limited Partnership (the Partnership), the operating partnership of BXP, Inc., completed the issuance and sale of $700.0 million aggregate principal amount of 6.050% Senior Notes due 2036. The offering was made under an underwriting agreement dated August 17, 2026; net proceeds are estimated at approximately $692.4 million. The notes were issued under the Partnership’s existing indenture (supplemented by Supplemental Indenture No. 27) and the sale was registered on Form S-3.

Key Details

• Offering amount: $700.0 million of 6.050% senior notes due 2036.
• Net proceeds: approximately $692.4 million after underwriting discounts and estimated expenses.
• Purpose: fund the redemption or repayment of $1.0 billion aggregate principal of the Partnership’s 2.750% Senior Notes due October 1, 2026; remaining funds to be covered with available cash and/or borrowings under the unsecured revolving credit facility.
• Additional uses: pending redemption, proceeds may repay other debt (including revolver borrowings) or be held in short-term, interest-bearing accounts. Legal opinion and consent from counsel Goodwin Procter LLP were filed in connection with the underwriting.

Why It Matters
This transaction extends the Partnership’s debt maturity profile by replacing notes that mature in October 2026 with debt due in 2036. Investors should note the new notes carry a 6.050% coupon versus the 2.750% coupon on the maturing 2026 notes (a factual change in interest obligations), and that the Company intends to use a combination of the offering proceeds and existing liquidity or revolver borrowings to complete the refinancing. The filing confirms the offering was registered and documentation (underwriting agreement and supplemental indenture) and counsel opinions were filed with the SEC.