NEWTON, MA-HRPT Properties Trust has priced a $200-million bond offering of 6.5% notes. The locally-based real estate investment trust says that it intends to use the net proceeds of this offering to repay outstanding debt on its credit facility.

The notes are due in 2013 in an underwritten public offering. They were issued at a discount so the effective yield is 6.6%. The settlement of the sale is expected to occur this Friday.

Merrill Lynch & Co., along with Wachovia Securities, is heading up the sale. Co-managers of this offering were Banc One Capital Markets Inc., BNY Capital Markets Inc., McDonald Investments Inc., PNC Capital Markets Inc., SunTrust Robinson Humphrey and Wells Fargo Brokerage Services LLC.

HRPT currently owns 20 million sf of office buildings at a cost of $2.7 billion. The company says its strategy is to invest in high quality office buildings leased to strong credit tenants with long-term leases. Its largest tenant is the federal government, which is responsible for 16% of its rents. The company’s buildings are 92% leased and the average lease term is 6 years.

The company reported revenues of $102.1 million for the third quarter of this year as compared with $96.8 million for the same period last year. Net income for the third quarter was $21 million compared with $14.8 million for the same period last year.

The Boston metropolitan market accounts for 1,773 sf of the company’s assets. Among its local properties is One Adams Pl. in Quincy, MA, a 222,726-sf facility the company bought in 1998. Other properties in Boston include 109 Brookline Ave., 1295 Boylston St. and 251 Causeway St. The company also owns 47 Harvard St. in Westwood, MA, 3000 Goff Falls Rd. in Manchester, NH and 4 Maguire Rd. in Lexington, MA.

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