Form FWP CORPORATE OFFICE PROPERT Filed by: Corporate Office Properties, L.P.
FREE WRITING PROSPECTUS
Final Term Sheet dated September 10, 2020
Free Writing Prospectus
Filed pursuant to Rule 433
Dated September 10, 2020
Relating to
Preliminary Prospectus Supplement dated September 10, 2020 to
Prospectus dated April 8, 2019
Registration Statement No. 333-230764
Final Term Sheet
2.250% Senior Notes due 2026
| 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: | 2.250% Senior Notes due 2026 |
| Trade Date: | September 10, 2020 |
| Original Issue Date (Settlement Date): | September 17, 2020 (T+5) |
| Maturity Date: | March 15, 2026 |
| Interest Payment Dates: | Semi-annually in arrears on each March 15 and September 15, commencing March 15, 2021 |
| Benchmark Treasury: | 0.250% due August 31, 2025 |
| Benchmark Treasury Price/Yield: | 99-29 ¾ / 0.264% |
| Spread to Benchmark Treasury: | T + 210 basis points |
| Yield to Maturity: | 2.364% |
| Coupon (Interest Rate): | 2.250% per annum |
| Public Offering Price: | 99.416% of the principal amount |
| Optional Redemption Provisions: | |
| Make-Whole Call: | Prior to February 15, 2026, T+35 basis points |
| Par Call: | On or after February 15, 2026 |
| CUSIP / ISIN: | 22003B AL0 / US22003BAL09 |
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| Joint Book-Running Managers: | Wells Fargo Securities, LLC |
| J.P. Morgan Securities LLC | |
| Barclays Capital Inc. | |
| BofA Securities, Inc. | |
| Citigroup Global Markets Inc. | |
| KeyBanc Capital Markets Inc. | |
| Senior Co-Managers: | Capital One Securities, Inc. |
| Jefferies LLC | |
| Regions Securities LLC | |
| Co-Managers: | M&T Securities, Inc. |
| TD Securities (USA) LLC | |
| 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 September 10, 2020 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 or J.P. Morgan Securities LLC collect at 1-212-834-4533.
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.
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