SAN DIEGO, Sept 19, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that its operating partnership subsidiary, BioMed
Realty, L.P., commenced a private placement, subject to market conditions, of
$150.0 million aggregate principal amount of Exchangeable Senior Notes due
2026 (the "Notes"), plus up to an additional $25.0 million aggregate principal
amount of Notes that may be issued at the option of the initial purchasers to
cover over-allotments, if any. The Notes will be senior unsecured obligations
of the operating partnership, will be fully and unconditionally guaranteed by
BioMed Realty Trust and will be exchangeable for cash or a combination of cash
and shares of BioMed Realty Trust common stock. The interest rate, exchange
rate and offering price are to be determined by negotiations between the
operating partnership and the initial purchasers of the Notes.
The operating partnership intends to use the net proceeds from the private
offering to repay the outstanding indebtedness under its unsecured revolving
credit facility and for other general corporate and working capital purposes.
The Notes will be sold to qualified institutional buyers in reliance on
Rule 144A under the Securities Act of 1933, as amended. The Notes and the
common stock issuable upon exchange of the Notes have not been registered
under the Securities Act or any state securities laws and may not be offered
or sold in the United States absent registration or an applicable exemption
from registration requirements. This release shall not constitute an offer to
sell or the solicitation of an offer to buy any of these securities, nor shall
it constitute an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 based on current
expectations, forecasts and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially. These
risks and uncertainties include, without limitation: general risks affecting
the real estate industry (including, without limitation, the inability to
enter into or renew leases, dependence on tenants' financial condition, and
competition from other developers, owners and operators of real estate);
adverse economic or real estate developments in the life science industry or
the company's target markets; risks associated with the availability and terms
of financing and the use of debt to fund acquisitions and developments;
failure to manage effectively the company's growth and expansion into new
markets, or to complete or integrate acquisitions successfully; risks and
uncertainties affecting property development and construction; risks
associated with downturns in the national and local economies, increases in
interest rates, and volatility in the securities markets; potential liability
for uninsured losses and environmental contamination; risks associated with
the company's potential failure to qualify as a REIT under the Internal
Revenue Code of 1986, as amended, and possible adverse changes in tax and
environmental laws; and risks associated with the company's dependence on key
personnel whose continued service is not guaranteed. For a further list and
description of such risks and uncertainties, see the reports filed by the
company with the Securities and Exchange Commission, including the company's
most recent annual report on Form 10-K and quarterly reports on Form 10-Q.
The company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
SOURCE BioMed Realty Trust, Inc.
Kent Griffin, Chief Financial Officer of BioMed Realty Trust, Inc., +1-858-485-9840