BXP falls after exchangeable notes sale increased to $850 mln
** Shares of office REIT BXP BXP.N down 2.3% at $73.74 early Thurs after it secures capital raise to refinance debt
** BXP, formerly known as Boston Properties, early Thurs announces pricing private offering of $850 mln 2% 5-yr exchangeable notes
** Initial conversion price of $92.44 represents 22.5% premium over stock's close on Weds
** BXP shares on Weds fell 1% after co announced $ 600 mln offering to partially fund repayment or redemption of the $1 bln principal of its 3.65% notes scheduled to mature on Feb 1, 2026
** Co intends to use $29.8 mln to pay cost of capped calls; the cap price of these transactions is initially $105.64, 40% above stock's last sale
** Including move on Thurs, BXP shares down 0.7% YTD
** 5 of 20 analysts covering BXP rate the stock "strong buy" or "buy" and 15 rate "hold"; median PT is $77, per latest LSEG data
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