Future Growth the Plan Behind Boston Properties' Credit Increase

BOSTON-REIT ups its credit line from $500 million to $605 million.

By John Salustri | Updated on October 12, 2000

BOSTON-Boston Properties has upped the ante on its line of unsecured credit with a jump from $500 million to $605 million. The line rests with a lending group made up of 14 lenders around the world and led by Fleet National Bank.

In a prepared statement, senior VP for financial and capital markets Douglas T. Linde stated that the new funds will go for “ongoing and future development activities, future land and property purchases and working capital.”

In a follow-up interview, investor relations director Elaine Quinlan admitted that specific development activities had not yet been defined. But in terms of the ongoing work, Boston Properties currently has some $1.1 billion of projects–some 13 jobs–in the pipeline. “The last of these,” she told GlobeSt.com, will be delivered in the second quarter of ’02.”

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