Corporate Office Properties Trust Announces
Pricing of $200 Million of Exchangeable Senior
March 31, 2010 09:03 PM Eastern Daylight Time
COLUMBIA, Md.--(EON: Enhanced Online News)--Corporate Office Properties Trust (COPT) (NYSE: OFC)
announced today that its operating partnership, Corporate Office Properties, L.P. (COPLP), has priced its offering
of $200 million aggregate principal amount of exchangeable senior notes due 2030. The notes will bear interest at a
fixed rate of 4.25%, payable semi-annually beginning October 15, 2010. COPLP has granted the initial purchasers a
30-day option to purchase up to an additional $40 million aggregate principal amount of notes to cover over-
allotments, if any.
The notes will be senior unsecured obligations of the operating partnership, COPLP, and will be fully guaranteed on
a senior unsecured basis by COPT. The Company expects to use the net proceeds from the sale of the notes for
general corporate purposes that may include repaying borrowings under its unsecured revolving credit facility.
The notes may be exchanged at any time on or after April 20, 2015, and prior thereto only upon the occurrence of
specific events. Upon exchange, COPLP will pay cash and, at the option of COPLP, deliver COPT common shares
based upon the daily exchange value during the observation period. The notes will be exchangeable into COPT
common shares at an initial exchange rate, subject to adjustment, of 20.7658 COPT common shares per $1,000
principal amount of notes (which is equivalent to an initial exchange price of approximately $48.16 per share). The
initial exchange price represents a 20% premium over the last reported sale price per share on the NYSE of COPT
common shares on March 31, 2010, which was $40.13 per share.
Prior to April 20, 2015, the notes will not be redeemable at the option of COPLP, except to preserve COPT's
status as a real estate investment trust. On or after April 20, 2015, COPLP may redeem all or a portion of the notes
at a redemptio