Alexandria Real Estate Equities (NYSE:ARE) starts a public offering of two tranches of senior notes and expects to use the proceeds to refinance its 2.75% senior notes due 2020 and its 4.60% senior notes due 2022.
ARE slips 2.1% in premarket trading.
Any surplus proceeds, if any, will be used for general corporate purposes, which may include partial repayment of its senior bank term loan and reduction of its senior line of credit debt.
Starts cash tender offer for any and all of the 2020 notes and the 2022 notes.
Currently has $400M of 2020 notes outstanding and $550M of the 2022 notes outstanding.
