BXP, Inc. (BXP): debt financing — BXP issues $1.0B 2% exchangeable notes due 2030; proceeds to repay 2026 notes

BXP, Inc.

Issued $1.0B aggregate principal of 2.00% Exchangeable Senior Notes due October 1, 2030, including $150M option exercise.
Notes exchangeable into BXP common stock at initial exchange rate of 10.8180 shares per $1,000 principal (approx. $92.44 per share).
Net proceeds used to fund capped call transactions and repay $1.0B of 3.65% senior notes maturing February 2026.
Capped call transactions entered to reduce potential dilution with initial cap price of $105.644 per share.
Interest payable semi-annually at 2.00%; settlement in cash up to principal plus cash/shares for excess exchange value.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

BXP, Inc. incurred convertible notes of $1.0 billion aggregate principal amount with Morgan Stanley & Co. LLC; J.P. Morgan Securities LLC; Truist Securities, Inc.; Wells Fargo Securities, LLC at 2.00% per annum maturing October 1, 2030.

Instrument: convertible notes
Principal: $1.0 billion aggregate principal amount
Counterparty: Morgan Stanley & Co. LLC; J.P. Morgan Securities LLC; Truist Securities, Inc.; Wells Fargo Securities, LLC
Rate: 2.00% per annum
Maturity: October 1, 2030
Event: incurrence

Exact text from the filing

On September 29, 2025, Boston Properties Limited Partnership (the “ Partnership ”), the operating partnership of BXP, Inc. (the “ Company ”) completed the issuance and sale of $1.0 billion aggregate principal amount of the Partnership’s 2.00% Exchangeable Senior Notes due 2030 (the “ Notes ”) pursuant to the purchase agreement among the Partnership, the Company and Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Truist Securities, Inc. and Wells Fargo Securities, LLC, as the representatives of the initial purchasers of the Notes, which included the full exercise of the option granted to the initial purchasers to purchase an additional $150,000,000 aggregate principal amount of the Notes.

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Source: SEC EDGAR

accession 0001037540-25-000004

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