Boston Properties Inc. (BXP), a real estate investment trust (REIT), has recently raised net proceeds of approximately $694 million by selling 5.875% senior unsecured notes due 2019.

The debt offering was managed by Bank of America Securities LLC, the investment banking arm of Bank of America Corp. (BAC), Citigroup Global Markets Inc., the brokerage and securities arm of Citigroup Inc. (C) and Deutsche Bank Securities Inc., the U.S. investment banking and securities arm of the German banking colossus Deutsche Bank AG (DB).

The senior unsecured notes were priced at 99.931% of the principal amount to yield 5.884% to maturity. Boston Properties plan to utilize the proceeds to reduce its huge debt. At the end of the second quarter, the company had about $6 billion in debt maturing by 2015.

Boston Properties develops, redevelops, acquires, manages, operates, and owns a diverse portfolio of Class A office, industrial, and hotel properties in the U.S. The majority of the company’s income comes from office properties, which are primarily concentrated in large, high-barrier urban markets that usually fare better in a faltering economy.

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