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Alexandria Real Estate Equities Inc Announces Public Offering of Senior Notes Due 2023


Wednesday, 29 May 2013 09:51am EDT 

Alexandria Real Estate Equities Inc announced that it is commencing an underwritten public offering, subject to market conditions, of senior notes due 2023. J.P. Morgan, RBC Capital Markets, and RBS Securities Inc. will act as joint book running managers in connection with the public offering. The notes will be unsecured obligations of the Company and fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., a wholly owned subsidiary of the Company. The Company intends to use the net proceeds from this offering to prepay $150 million of the outstanding principal balance of $750 million of its 2016 unsecured senior bank term loan, to reduce the outstanding balance on its unsecured senior line of credit to zero, and to hold the remaining proceeds in cash and cash equivalents to fund near term opportunities related to development/redevelopment projects, to fund near term property acquisitions, and for general corporate purposes. 

Company Quote

81.89
0.2 +0.24%
22 Oct 2014