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Unsecured Senior Notes

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt Disclosure

6. Unsecured Senior Notes

The following summarizes the unsecured senior notes outstanding as of June 30, 2020 (dollars in thousands): 

			Coupon/ Stated Rate						Effective Rate(1)						Principal Amount						Maturity Date(2)
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
10.5 Year Unsecured Senior Notes			2.900		%				2.984		%				700,000						March 15, 2030
10.75 Year Unsecured Senior Notes			3.250		%				3.343		%				1,250,000						January 30, 2031
Total principal															9,700,000
Net unamortized discount															(17,719)
Deferred financing costs, net															(48,704)
Total															$	9,633,577

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(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 May 5, 2020, Boston Properties Limited Partnership completed a public offering of $1.25 billion in aggregate principal amount of its 3.250% unsecured senior notes due 2031. The notes were priced at 99.850% of the principal amount to yield an effective rate (including financing fees) of approximately 3.343% per annum to maturity. The notes will mature on January 30, 2031, unless earlier redeemed. The aggregate net proceeds from the offering were approximately $1.24 billion 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, 2020, Boston Properties Limited Partnership was in compliance with each of these financial restrictions and requirements.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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