0001104659-21-133010.txt : 20211102 0001104659-21-133010.hdr.sgml : 20211102 20211102161448 ACCESSION NUMBER: 0001104659-21-133010 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20211102 DATE AS OF CHANGE: 20211102 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CORPORATE OFFICE PROPERTIES TRUST CENTRAL INDEX KEY: 0000860546 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 232947217 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-230764 FILM NUMBER: 211371476 BUSINESS ADDRESS: STREET 1: 6711 COLUMBIA GATEWAY DRIVE STREET 2: SUITE 300 CITY: COLUMBIA STATE: MD ZIP: 21046 BUSINESS PHONE: 4432855400 MAIL ADDRESS: STREET 1: 6711 COLUMBIA GATEWAY DRIVE STREET 2: SUITE 300 CITY: COLUMBIA STATE: MD ZIP: 21046 FORMER COMPANY: FORMER CONFORMED NAME: CORPORATE OFFICE PROPERTIES TRUST INC DATE OF NAME CHANGE: 19980105 FORMER COMPANY: FORMER CONFORMED NAME: ROYALE INVESTMENTS INC DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: ROYALE REIT INC DATE OF NAME CHANGE: 19600201 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Corporate Office Properties, L.P. CENTRAL INDEX KEY: 0001577966 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 232930022 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 6711 COLUMBIA GATEWAY DRIVE STREET 2: SUITE 300 CITY: COLUMBIA STATE: MD ZIP: 21046 BUSINESS PHONE: 443-285-5400 MAIL ADDRESS: STREET 1: 6711 COLUMBIA GATEWAY DRIVE STREET 2: SUITE 300 CITY: COLUMBIA STATE: MD ZIP: 21046 FWP 1 tm2131377d4_fwp.htm FWP

FREE WRITING PROSPECTUS

Final Term Sheet dated November 2, 2021

Free Writing Prospectus

Filed pursuant to Rule 433
Dated November 2, 2021
Relating to
Preliminary Prospectus Supplement dated November 2, 2021 to

Prospectus dated April 8, 2019

Registration Statement Nos. 333-230764 and
333-230764-01

Final Term Sheet

2.900% Senior Notes due 2033

Issuer:	Corporate Office Properties, L.P.

Guarantor:	Corporate Office Properties Trust

Format:	SEC Registered

Expected Ratings (Moody’s/S&P/Fitch):*	Baa3 / BBB- / BBB-

Principal Amount:	$400,000,000

Title of Securities:	2.900% Senior Notes due 2033

Trade Date:	November 2, 2021

Original Issue Date (Settlement Date):	November 17, 2021 (T+10)

Maturity Date:	December 1, 2033

Interest Payment Dates:	Semi-annually in arrears on each June 1 and December 1, commencing June 1, 2022

Benchmark Treasury:	1.250% due August 15, 2031

Benchmark Treasury Price/Yield:	97-10 / 1.547%

Spread to Benchmark Treasury:	T +140 basis points

Yield to Maturity:	2.947%

Coupon (Interest Rate):	2.900% per annum

Public Offering Price:	99.526% of the principal amount

Optional Redemption Provisions:

Make-Whole Call:	Prior to September 1, 2033, T+25 basis points

Par Call:	On or after September 1, 2033

CUSIP / ISIN:	22003B AP1 / US22003BAP13

Joint Book-Running Managers:	Wells Fargo Securities, LLC
	BofA Securities, Inc.
	Citigroup Global Markets Inc.
	PNC Capital Markets LLC
	Barclays Capital Inc.
	J.P. Morgan Securities LLC
	Regions Securities LLC
	TD Securities (USA) LLC

Co-Managers:	Capital One Securities, Inc.
	KeyBanc Capital Markets Inc.
	M&T Securities, Inc.
	U.S. Bancorp Investments, Inc.

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement, dated November 2, 2021, with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the related preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and accompanying prospectus if you request it by calling Wells Fargo Securities, LLC toll-free at 1-800-645-3751; BofA Securities, Inc. toll-free at 1-800-294-1322; Citigroup Global Markets Inc. toll-free at 1-800-831-9146; or PNC Capital Markets LLC toll-free at 1-855-881-0697.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg or another email system.

GRAPHIC 2 tm2131377d4_fwpimg001.jpg GRAPHIC begin 644 tm2131377d4_fwpimg001.jpg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end