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HRPT in $200M Bond Offering

NEWTON, MA-HRPT Properties Trust, a locally based real estate investment trust, prices its $200-million bond offering with 6.5% notes. The firm is earmarking net proceeds from the offering to pare down debt on its facility.

By Naomi Grossman | Updated on December 04, 2002

NEWTON, MA-HRPT Properties Trust has priced a $200-million bond offering of 6.5% notes. The locally-based real estate investment trust says that it intends to use the net proceeds of this offering to repay outstanding debt on its credit facility.

The notes are due in 2013 in an underwritten public offering. They were issued at a discount so the effective yield is 6.6%. The settlement of the sale is expected to occur this Friday.

Merrill Lynch & Co., along with Wachovia Securities, is heading up the sale. Co-managers of this offering were Banc One Capital Markets Inc., BNY Capital Markets Inc., McDonald Investments Inc., PNC Capital Markets Inc., SunTrust Robinson Humphrey and Wells Fargo Brokerage Services LLC.

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