BXP dips after $600 mln exchangeable notes sale unveil

Shares of office REIT BXP BXP.N down 1.1% at $75.37 early Weds as it seeks capital raise to refinance debt

BXP, formerly known as Boston Properties, early Weds announced private offering of $600 mln 5-yr exchangeable notes

It intends to use net offering proceeds to partially fund repayment or redemption of the $1 bln principal amount of its 3.65% notes scheduled to mature on Feb 1, 2026

Co also intends to use offering proceeds to pay cost of capped calls, derivative transactions employed to help mitigate potential dilution

BXP has about $12 bln market cap

With move on the session, BXP shares up 1.3% YTD. That compares to ~1.5% drop in S&P 1500 Office REITs index .SPCOMORE and 3% advance in S&P 500 Real Estate sector .SPLRCR in 2025

Of 21 analysts covering BXP, recommendation breakdown is 6 "strong buy" or "buy" and 15 "hold" ratings; median PT is $77, per LSEG data