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AI brief of an SEC Form 8-K · BXP (BXP)

BXP's operating partnership completes $1.0 billion exchangeable senior notes sale due 2030

Neutral Impact 4 of 5 financing Written later

On September 29, 2025, BXP's operating partnership, Boston Properties Limited Partnership, completed the sale of $1.0 billion of 2.00% exchangeable senior notes due October 1, 2030, including the full exercise of the initial purchasers' option for an additional $150 million. The notes can be exchanged into BXP common stock at an initial price of about $92.44 per share, which means dilution is possible if holders exchange and the partnership elects to settle in shares. The company said in its September 24 and 25 announcements that proceeds would largely be used to fund repayment of $1.0 billion of 3.650% senior notes maturing February 1, 2026.

Key points

  • Aggregate principal of $1.0 billion, including a $150 million option exercised in full, with a 2.00% annual interest rate payable April 1 and October 1 beginning April 1, 2026
  • Initial exchange price of approximately $92.44 per share, a premium of about 22.5% over the $75.46 last reported sale price on September 24, 2025
  • Pricing announcement stated estimated net proceeds of about $975.2 million if the option was exercised in full, with about $29.8 million used for capped call transactions
  • Notes are structurally subordinated to all existing and future liabilities of the partnership's subsidiaries and must be repaid or redeemed at maturity unless exchanged or repurchased

The filing

CompanyBXP (BXP)
Form8-K, current report
Filed with the SECSep 29, 2025, 4:37 PM ET
Accession number0001037540-25-000004

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation3.02 Unregistered Equity Sale8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:56 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 29, 2025.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.