Alexandria Real Estate Equities Launches Unsecured Senior Notes Offering to Refinance Commercial Paper
Alexandria Real Estate Equities began an underwritten public offering of unsecured senior notes guaranteed by its wholly owned subsidiary, with Citigroup and BofA as joint book-running managers. The company will use net proceeds to repay commercial paper borrowings from its recent cash tender offer and support general corporate purposes.
1. Public Offering Details
Alexandria Real Estate Equities commenced an underwritten public offering of unsecured senior notes, which are fully and unconditionally guaranteed by Alexandria Real Estate Equities, L.P., its 100% owned subsidiary. The offering is registered on Form S-3 and is not conditioned on completing the company’s recent cash tender offer.
2. Use of Net Proceeds
Net proceeds from the offering will be deployed to repay a portion of borrowings under the company’s commercial paper program incurred in connection with the repurchase or redemption of certain series of its outstanding senior unsecured notes. Pending deployment, proceeds may be invested in high-quality short-term securities or used for general working capital and other corporate needs.
3. Underwriting and Guarantee
Citigroup Global Markets, BofA Securities, J.P. Morgan Securities, Scotia Capital and TD Securities are acting as joint book-running managers for the note issuance. The notes will be unsecured obligations of Alexandria Real Estate Equities, Inc., backed by the full guarantee of its subsidiary, ensuring alignment with the company’s capital structure objectives.