BXP Upsizes Unsecured Credit Facility to $2.95 Billion & Commercial Paper Program to $750 Million
BXP (NYSE: BXP) has announced significant expansions to its credit facilities, enhancing its financial flexibility. The company has:
- Increased its unsecured revolving credit facility by $250 million to $2.25 billion, with maturity extended to March 2030
- Extended its $700 million unsecured term loan facility for an initial four-year term
- Expanded its commercial paper program by $250 million to $750 million
The revolving credit facility carries a 0.20% annual facility fee with Term SOFR plus 0.85% interest rate, while the term loan bears interest at Term SOFR plus 1.05%. As of March 28, 2025, the company had $500 million outstanding under its commercial paper program at a weighted-average rate of 4.66%.
BXP (NYSE: BXP) ha annunciato significative espansioni delle sue linee di credito, migliorando la sua flessibilità finanziaria. L'azienda ha:
- Aumentato la sua linea di credito revolving non garantita di 250 milioni di dollari a 2,25 miliardi di dollari, con scadenza prorogata a marzo 2030
- Prorogato la sua linea di prestito term loan non garantita di 700 milioni di dollari per un termine iniziale di quattro anni
- Espanso il suo programma di commercial paper di 250 milioni di dollari a 750 milioni di dollari
La linea di credito revolving prevede una commissione annuale dello 0,20% con un tasso d'interesse pari a Term SOFR più 0,85%, mentre il prestito term loan ha un tasso d'interesse di Term SOFR più 1,05%. Al 28 marzo 2025, l'azienda aveva 500 milioni di dollari in sospeso nel suo programma di commercial paper con un tasso medio ponderato del 4,66%.
BXP (NYSE: BXP) ha anunciado expansiones significativas en sus líneas de crédito, mejorando su flexibilidad financiera. La compañía ha:
- Aumentado su línea de crédito rotativa no garantizada en 250 millones de dólares a 2,25 mil millones de dólares, con vencimiento extendido hasta marzo de 2030
- Extendido su línea de préstamo a plazo no garantizada de 700 millones de dólares por un plazo inicial de cuatro años
- Ampliado su programa de papel comercial en 250 millones de dólares a 750 millones de dólares
La línea de crédito rotativa tiene una tarifa anual del 0,20% con una tasa de interés de Term SOFR más 0,85%, mientras que el préstamo a plazo tiene un interés de Term SOFR más 1,05%. A fecha del 28 de marzo de 2025, la compañía tenía 500 millones de dólares pendientes en su programa de papel comercial a una tasa media ponderada del 4,66%.
BXP (NYSE: BXP)는 신용 시설을 대폭 확장하여 재정적 유연성을 향상시켰다고 발표했습니다. 회사는:
- 담보가 없는 회전 신용 시설을 2억 5천만 달러에서 22억 5천만 달러로 증가시키고 만기를 2030년 3월로 연장했습니다.
- 700억 달러의 담보가 없는 기간 대출 시설을 초기 4년 기간으로 연장했습니다.
- 상업 어음 프로그램을 2억 5천만 달러에서 7억 5천만 달러로 확대했습니다.
회전 신용 시설은 연간 0.20%의 시설 수수료와 Term SOFR에 0.85%의 이자율을 적용하며, 기간 대출은 Term SOFR에 1.05%의 이자율을 적용합니다. 2025년 3월 28일 기준으로 회사는 상업 어음 프로그램에 5억 달러가 미결제 상태이며 가중 평균 이자율은 4.66%입니다.
BXP (NYSE: BXP) a annoncé d'importantes extensions de ses facilités de crédit, améliorant ainsi sa flexibilité financière. L'entreprise a :
- Augmenté sa facilité de crédit revolving non garantie de 250 millions de dollars à 2,25 milliards de dollars, avec une échéance prolongée jusqu'en mars 2030
- Prolongé sa facilité de prêt à terme non garantie de 700 millions de dollars pour une durée initiale de quatre ans
- Élargi son programme de papier commercial de 250 millions de dollars à 750 millions de dollars
La facilité de crédit revolving entraîne des frais annuels de 0,20 % avec un taux d'intérêt de Term SOFR plus 0,85 %, tandis que le prêt à terme a un taux d'intérêt de Term SOFR plus 1,05 %. Au 28 mars 2025, l'entreprise avait 500 millions de dollars en circulation dans son programme de papier commercial à un taux moyen pondéré de 4,66 %.
BXP (NYSE: BXP) hat bedeutende Erweiterungen seiner Kreditfazilitäten angekündigt, um seine finanzielle Flexibilität zu verbessern. Das Unternehmen hat:
- Seine unbesicherte revolvierende Kreditfazilität um 250 Millionen Dollar auf 2,25 Milliarden Dollar erhöht, mit einer Verlängerung der Laufzeit bis März 2030
- Seine unbesicherte Terminkreditfazilität über 700 Millionen Dollar um eine anfängliche Laufzeit von vier Jahren verlängert
- Sein Commercial-Paper-Programm um 250 Millionen Dollar auf 750 Millionen Dollar ausgeweitet
Die revolvierende Kreditfazilität hat eine jährliche Gebühr von 0,20 % mit einem Zinssatz von Term SOFR plus 0,85 %, während der Terminkredit einen Zinssatz von Term SOFR plus 1,05 % hat. Am 28. März 2025 hatte das Unternehmen 500 Millionen Dollar aus seinem Commercial-Paper-Programm zu einem gewichteten Durchschnittszins von 4,66 % ausstehend.
- Increased revolving credit facility capacity by $250M to $2.25B
- Extended credit facility maturity to March 2030, improving long-term stability
- Expanded commercial paper program by $250M to $750M
- Enhanced overall liquidity position at competitive interest rates
- Carrying $500M in commercial paper debt at 4.66% interest rate
Insights
BXP's refinancing transaction represents a significant enhancement to its balance sheet and liquidity profile that strengthens its competitive position in the commercial real estate market. By extending its $2.25 billion revolving credit facility to 2030 and its $700 million term loan while increasing its commercial paper program to $750 million, BXP has accomplished several strategic objectives:
First, this restructuring effectively pushes out near-term debt maturities, with the company refinancing its May 2025 term loan obligation. This maturity extension reduces refinancing risk and creates a more staggered debt profile, enhancing financial stability.
Second, the $500 million increase in total borrowing capacity ($250 million each from the revolver and commercial paper program) significantly bolsters BXP's liquidity position. This additional financial flexibility allows the REIT to potentially capitalize on distressed or opportunistic acquisitions in premier markets where BXP specializes.
The pricing terms appear competitive for a REIT of BXP's quality, with the revolver priced at Term SOFR plus
The broad banking syndicate involvement further validates BXP's strong reputation among capital providers. For shareholders, this transaction brings immediate value through reduced refinancing risk and enhanced financial optionality in a transitional market for commercial real estate.
This refinancing positions BXP with substantially improved financial firepower at a pivotal moment in the commercial real estate cycle. By securing a $500 million increase in total borrowing capacity across its credit facilities, BXP gains crucial operational flexibility when many competitors face constrained access to capital.
The transaction's most strategic element is its timing and structure. Extending the revolving facility by five years to 2030 and the term loan by four years (with extension options) creates a runway that insulates BXP from near-term capital market volatility. This long-term liquidity access becomes a competitive advantage in BXP's six gateway markets where acquisition opportunities may emerge.
Currently, BXP has drawn $500 million on its commercial paper program at a weighted average of
For a portfolio comprising 53.3 million square feet across 185 properties, including development projects, this enhanced liquidity structure provides both defensive protection and offensive capability. BXP can simultaneously weather potential leasing challenges while selectively pursuing growth initiatives that reinforce its market-leading position in premier workplaces.
The breadth of participating financial institutions signals strong banking sector confidence in BXP's business model and management execution, an increasingly valuable asset as lenders have become more selective with commercial real estate exposure.
“The combination of these facilities with additional capacity and tenor provides enhanced liquidity at attractive pricing as we continue to invest opportunistically and strengthen our position as the market leader of premier workplaces, creating long-term value for our clients and shareholders,” stated Mike LaBelle, EVP, CFO, & Treasurer, BXP. “The success of these transactions reflects our strong long-term relationships with our banking partners and their commitment to providing BXP with consistent access to capital.”
BPLP’s increased unsecured commercial paper program now permits BPLP to issue, from time to time, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of
The revolving credit facility extended its maturity date by five years to March 2030, and the term loan facility extended for an initial four-year term with two six-month extension options, subject to customary conditions. At closing, BPLP fully drew on the
The revolving credit facility currently has a facility fee equal to
BofA Securities, Inc. and JPMorgan Chase Bank, N.A. served as the Joint Lead Arrangers and Joint Bookrunners with Bank of America, N.A., as Administrative Agent, and JPMorgan Chase Bank, N.A., as Syndication Agent. Banco Bilbao Vizcaya Argentaria, S.A.
ABOUT BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in
View source version on businesswire.com: https://www.businesswire.com/news/home/20250328983218/en/
AT BXP
Mike LaBelle
Executive Vice President
Chief Financial Officer
mlabelle@bxp.com
Helen Han
Vice President, Investor Relations
hhan@bxp.com
Source: BXP, Inc.
FAQ
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