BXP, a developer, owner and manager of workplaces in the United States, announced today that its operating partnership, Boston Properties Limited Partnership, has exercised a portion of the accordion feature under its existing revolving credit facility to increase the available borrowing capacity by an aggregate amount of $315 million, increasing the facility’s maximum borrowing capacity to $1.815 billion. The facility currently has no outstanding balances.
“We are pleased to expand our borrowing capacity and increase the number of participants in our credit facility. This upsizing, especially in current market conditions, is a further testament to BXP’s strong financial position and the strength and support of our banking relationships,” Mike LaBelle, EVP, CFO and Treasurer of BXP, said. “This additional borrowing capacity provides enhanced liquidity and financial flexibility as we uphold our position as the market leader of premier workplaces and continue to create long-term value for our clients and shareholders.”
The accordion exercise added three new lenders to the facility: M&T Bank, Sumitomo Mitsui Banking Corporation and Banco Bilbao Vizcaya Argentaria. The original accordion feature provided BPLP with an option to increase commitments by up to $500 million. Following this accordion exercise, BPLP could increase total commitments under the facility by up to an additional $185 million, subject to certain conditions.
