Updated at 11:37 a.m., Monday, June 18, 2007
HRPT Properties Trust to sell $250M of 10-year notes
Advertiser Staff and News Services
HRPT Properties Trust, a real-estate investment trust that owns offices and industrial properties, said it plans to sell $250 million of senior notes due in 2017.HRPT's portfolio includes more than 400 acres of industrially zoned land on O'ahu.
The proceeds will be used to pay down debt on its revolving credit line, the Newton, Massachusetts-based company said today in a filing with the Securities and Exchange Commission.
HRPT Properties' bankers are marketing the notes to yield 112 basis points more than U.S. Treasury bonds of similar maturity, according to a person familiar with the offering who declined to be identified.
The company said it hired Wachovia Corp., Bank of America Corp. and RBC Capital Markets to manage the sale.
Moody's Investors Service rates the company's senior unsecured debt Baa2, its second-lowest investment-grade, and Standard & Poor's gives it an equivalent BBB rating.
