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Unsecured Senior Notes
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Unsecured Senior Notes
6. Unsecured Senior Notes
The following summarizes the unsecured senior notes outstanding as of June 30, 2019 (dollars in thousands):
 
Coupon/Stated Rate
 
Effective Rate(1)
 
Principal Amount
 
Maturity Date(2)
10 Year Unsecured Senior Notes
5.625
%
 
5.708
%
 
$
700,000

 
November 15, 2020
10 Year Unsecured Senior Notes
4.125
%
 
4.289
%
 
850,000

 
May 15, 2021
11 Year Unsecured Senior Notes
3.850
%
 
3.954
%
 
1,000,000

 
February 1, 2023
10.5 Year Unsecured Senior Notes
3.125
%
 
3.279
%
 
500,000

 
September 1, 2023
10.5 Year Unsecured Senior Notes
3.800
%
 
3.916
%
 
700,000

 
February 1, 2024
7 Year Unsecured Senior Notes
3.200
%
 
3.350
%
 
850,000

 
January 15, 2025
10 Year Unsecured Senior Notes
3.650
%
 
3.766
%
 
1,000,000

 
February 1, 2026
10 Year Unsecured Senior Notes
2.750
%
 
3.495
%
 
1,000,000

 
October 1, 2026
10 Year Unsecured Senior Notes
4.500
%
 
4.628
%
 
1,000,000

 
December 1, 2028
10 Year Unsecured Senior Notes
3.400
%
 
3.505
%
 
850,000

 
June 21, 2029
Total principal
 
 
 
 
8,450,000

 
 
Net unamortized discount
 
 
 
 
(18,802
)
 
 
Deferred financing costs, net
 
 
 
 
(40,490
)
 
 
Total
 
 
 
 
$
8,390,708

 
 
 
_______________  
(1)
Yield on issuance date including the effects of discounts on the notes, settlements of interest rate contracts and the amortization of financing costs.
(2)
No principal amounts are due prior to maturity.
On June 21, 2019, Boston Properties Limited Partnership completed a public offering of $850.0 million in aggregate principal amount of its 3.400% unsecured senior notes due 2029. The notes were priced at 99.815% of the principal amount to yield an effective rate (including financing fees) of approximately 3.505% per annum to maturity. The notes will mature on June 21, 2029, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $841.3 million after deducting underwriting discounts and transaction expenses.
The indenture relating to the unsecured senior notes contains certain financial restrictions and requirements, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 50%, (3) an interest coverage ratio of greater than 1.50 and (4) an unencumbered asset value of not less than 150% of unsecured debt. At June 30, 2019, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements.