8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 16, 2021

BOSTON PROPERTIES, INC.

BOSTON PROPERTIES LIMITED PARTNERSHIP

(Exact name of registrant as specified in its charter)


Boston Properties, Inc.	Delaware	1-13087	04-2473675
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Boston Properties Limited Partnership	Delaware	0-50209	04-3372948
	(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

800 Boylston Street, Suite 1900, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip Code)

(617) 236-3300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (

see

General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Registrant	Title of each class	Trading Symbol(s)	Name of exchange on which registered
Boston Properties, Inc.	Common Stock, par value $.01 per share	BXP	New York Stock Exchange
Boston Properties, Inc.	Depository Shares Each Representing 1/100th of a share of 5.25% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share	BXP PRB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Boston Properties, Inc.:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Boston Properties Limited Partnership:

Emerging growth company ☐

Item 8.01

Other Events.

On March 16, 2021, Boston Properties Limited Partnership (the “Partnership”), the operating partnership of Boston Properties, Inc. (the “Company”), completed the issuance and sale of $850.0 million aggregate principal amount of the Partnership’s 2.550% Senior Notes due 2032 (the “Notes”) pursuant to an underwriting agreement dated March 2, 2021 (the “Underwriting Agreement”), by and among the Partnership and BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and T.D. Securities (USA) LLC, as managers of the several underwriters named in Schedule II thereto (the “Underwriters”), whereby the Partnership agreed to sell and the Underwriters agreed to purchase from the Partnership, subject to and upon the terms and conditions set forth in the Underwriting Agreement, the Notes.

The net proceeds to the Partnership from the sale of the Notes, after deducting underwriting discounts and estimated transaction expenses, are estimated to be approximately $839.2 million. The Partnership intends to allocate an amount equal to the net proceeds from the offering to the financing and refinancing of recently completed and future eligible green projects (as such term is defined in the Prospectus Supplement, defined below) in the United States. Pending such allocation, the Partnership may use the net proceeds from the offering to repay all amounts outstanding under its $500.0 million delayed draw term loan facility, to redeem all of its outstanding Series B Preferred Units (the “Series B Preferred Units”) that are held by the Company, and are equal in number to and have substantially identical economic terms as the Company’s outstanding 5.25% Series B Cumulative Redeemable Preferred Stock (the “Series B Preferred Stock”), and for other uses. Pending such uses, the Partnership may invest the net proceeds in short-term, interest-bearing deposit accounts. The Company intends to use the amounts received from the Partnership upon redemption of the Series B Preferred Units to redeem all of its outstanding shares of Series B Preferred Stock. Net proceeds allocated to previously incurred costs associated with eligible green projects will be available for repayment of debt or other uses.

The Notes were issued under the indenture, dated as of December 13, 2002, between the Partnership and The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon, formerly known as The Bank of New York), as supplemented by Supplemental Indenture No. 22 (“Supplemental Indenture No. 22”) dated as of March 16, 2021.

The offer and sale of the Notes were registered with the Securities and Exchange Commission (the “Commission”) pursuant to a registration statement on Form

S-3

(File

No. 333-238607-01)

(the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities Act”). The material terms of the Notes are described in a prospectus supplement filed by the Partnership with the Commission on March 3, 2021 (the “Prospectus Supplement”) pursuant to Rule 424(b)(5) under the Securities Act.

Copies of the Underwriting Agreement, Supplemental Indenture No. 22 and the form of the Notes are attached hereto as Exhibit 1.1, Exhibit 4.1 and Exhibit 4.2, respectively, and are incorporated herein by reference. The foregoing summaries do not purport to be complete and are qualified in their entirety by reference to the Underwriting Agreement, Supplemental Indenture No. 22 and the form of the Notes.

Additionally, in connection with the filing of the Underwriting Agreement, the Partnership is filing the opinion and consent of its counsel, Goodwin Procter LLP, regarding the legality of the securities being registered as Exhibits 5.1 and 23.1 hereto, respectively, which are incorporated by reference into the Registration Statement.

Item 9.01.

Financial Statements and Exhibits.

(d)	Exhibits .


Exhibit No.		Exhibit

+1.1		Underwriting Agreement, dated March 2, 2021, by and among Boston Properties Limited Partnership and BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and T.D. Securities (USA) LLC, as managers of the several underwriters named in Schedule II thereto.

+4.1		Supplemental Indenture No. 22, dated as of March 16, 2021, between Boston Properties Limited Partnership and The Bank of New York Mellon Trust Company, N.A., as Trustee.

+4.2		Form of 2.550% Senior Notes due 2032 (attached as Exhibit A to Supplemental Indenture No. 22 filed as Exhibit 4.1 hereto).

+5.1		Opinion of Goodwin Procter LLP as to the legality of the securities being registered.

+23.1		Consent of Goodwin Procter LLP (contained in its opinion filed as Exhibit 5.1 and incorporated herein by reference).

+101.SCH		Inline XBRL Taxonomy Extension Schema Document.

+101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.

+101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.

+101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.

+101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.

+104		Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*).

+		Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.


BOSTON PROPERTIES, INC.

By:		/s/ Michael E. LaBelle
		Michael E. LaBelle
		Executive Vice President, Chief Financial Officer and Treasurer

BOSTON PROPERTIES LIMITED PARTNERSHIP

By:		Boston Properties, Inc., its General Partner

By:		/s/ Michael E. LaBelle
		Michael E. LaBelle
		Executive Vice President, Chief Financial Officer and Treasurer

Date: March 16, 2021

SEC Form 8-K filed by Boston Properties, Inc.