Alexandria Real Estate Equities, Inc. announced that it has priced a public offering of $900,000,000 aggregate principal amount of 2.000% senior notes due 2032 and $850,000,000 aggregate principal amount of 3.000% senior notes due 2051 (the “notes”). Goldman Sachs & Co. LLC, BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Evercore Group L.L.C., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., U.S. Bancorp Investments, Inc., Barclays Capital Inc. and BBVA Securities Inc. are acting as joint book-running managers in connection with the public offering and BNP Paribas Securities Corp., Capital One Securities, Inc., Fifth Third Securities, Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and Truist Securities, Inc. are acting as co–managers in connection with the public offering.
The senior notes due 2032 were priced at 99.691% of the principal amount with a yield to maturity of 2.031% and the senior notes due 2051 were priced at 99.588% of the principal amount with a yield to maturity of 3.021%. The notes will be unsecured obligations of the Company and fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., an indirectly 100% owned subsidiary of the Company. The closing of the sale of the notes is expected to occur on or about February 18, 2021, subject to customary closing conditions.
The net proceeds from the 2.000% senior notes due 2032 will be used initially to repurchase or redeem any and all of the Company’s outstanding 4.000% senior notes due 2024 (the “2024 notes”) pursuant to a tender offer announced separately today (the “tender offer”), by redemption or otherwise. The Company will use the remainder of these proceeds, if any, for general corporate purposes, which may include the reduction of the outstanding balance on the Company’s unsecured senior line of credit, if any, the reduction of the outstanding indebtedness under the Company’s commercial paper program, if any, the repayment of other debt and selective development, redevelopment or acquisition of properties. In addition, following the initial allocation of the net proceeds described above, the Company will allocate an amount equal to the net proceeds from the 2.000% senior notes due 2032 to fund, in whole or in part, recently completed and future eligible green projects, which are defined as certain development, redevelopment or tenant improvement projects that have received or are expected to receive Gold or Platinum LEED certification, including the development and redevelopment of such projects. The net proceeds from the 3.000% senior notes due 2051 will be used for general working capital and other general corporate purposes, which may include the reduction of the outstanding balance on the Company’s unsecured senior line of credit, if any, the reduction of the outstanding indebtedness under the Company’s commercial paper program, if any, the repayment of other debt and selective development, redevelopment or acquisition of properties.
The notes are being offered pursuant to an effective registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s notes, nor shall there be any sale of the notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Copies of the prospectus supplement relating to this offering, when available, may be obtained by contacting: Goldman Sachs & Co. LLC, Attn: Prospectus Department, at 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, by fax at (212) 902-9316 or by email at: email@example.com; BofA Securities, Inc., NC1-004-03-43, Attn: Prospectus Department, at 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001 or by email at firstname.lastname@example.org; Citigroup Global Markets Inc. c/o Broadridge Financial Solutions, at 1155 Long Island Avenue, Edgewood, NY 11717, by toll-free telephone at (800) 831-9146 or by email at email@example.com; or J.P. Morgan Securities LLC, Attn: Investment Grade Syndicate Desk, at 383 Madison Avenue, 3rd Floor, New York, NY 10179 or by telephone (collect) at (212) 834-4533.
Alexandria, an S&P 500® urban office real estate investment trust, is the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle.
CONTACT: Sara Kabakoff, Vice President – Communications, (626) 788-5578, firstname.lastname@example.org