Boston Properties Inc., a real estate investment trust, has established an "at the market" stock offering program through which it may sell up to an aggregate of $400 million of its common stock.
The stock would be offered through BNY Mellon Capital Markets LLC, BofA Merrill Lynch and Morgan Stanley & Co. Inc., who will be acting as sales agents.
"With the completion of our bond issuance on April 19, 2010, we have approximately $1.8 billion of cash and our full $1 billion line of credit available to us," said Michael LaBelle, the company’s chief financial officer. "While we see no immediate need to utilize the program, the establishment of this program adds another option to our extensive array of funding alternatives providing additional efficiency and flexibility in our balance sheet management."
The program would allow the company to sell up to $400 million of its common stock from time to time through the sales agents for a three-year period. The sales, if any, would be made in "at the market" offerings as defined in Rule 415 of the Securities Act.
The common stock may be offered and sold through privately negotiated transactions. The company intends to use the proceeds from any offering for general corporate purposes, which may include investment opportunities and debt reduction.
