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[EQUITY OFFICE LOGO]
Equity Office Properties Trust
Two N. Riverside Plaza
Chicago, Illinois 60606-2703
Equity Office Equity Office
Investors/Analysts: Media:
Diane Morefield Terry Holt
312.466.3286 312.466.3102
EQUITY OFFICE ISSUES AN ADDITIONAL $25 MILLION OF
EXCHANGEABLE, SENIOR DEBT SECURITIES
CHICAGO (September 18, 2000) -- Equity Office Properties Trust (NYSE: EOP)
announced today that EOP Operating Limited Partnership completed the private
placement of an additional $25 million aggregate principal amount of
exchangeable, senior unsecured notes due 2008. The notes, which may be
exchanged for common shares of Equity Office at an initial exchange price of
$34.00, were issued pursuant to the partial exercise by the initial purchaser
of the over-allotment option granted on August 23, 2000. Net proceeds to EOP
Operating Limited Partnership from the offering were used to pay down
borrowings under its third amended and restated revolving credit facility. All
terms of this offering are identical to the $300 million of exchangeable,
senior unsecured notes due 2008 issued and sold on August 23, 2000.
The offering was made by means of an offering memorandum to qualified
institutional buyers, certain institutional accredited investors and offshore
buyers, and the notes and the common shares issuable upon exchange have certain
registration rights. The notes offered and sold in the private placement have
not been registered under the Securities Act of 1933, as amended, and may not
be offered or sold in the United States or to U.S persons absent registration
or an applicable exemption from the registration requirements.
Equity Office Properties Trust (NYSE: EOP) is the nation's largest publicly held
owner and manager of office properties with a national portfolio of 381
buildings comprising 99.1 million square feet in 24 states and the District of
Columbia. Equity Office has an ownership presence in 37 Metropolitan
Statistical Areas (MSAs) and in 104 submarkets, enabling it to provide a wide
range of office solutions for local, regional and national customers. For more
company information, visit the Equity Office website at www.equityoffice.com.
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