Real estate investment trust Alexandria Real Estate Equities Inc. said Tuesday it is privately offering $175 million in senior convertible notes to pay down debt.

The interest rate, conversion rate and terms of the notes, due in 2029, will be determined by the REIT and initial buyers, said the Pasadena company, which specializes in office and laboratory facilities for life science companies.

The notes can be converted into cash and stock. Alexandria said it will offer initial buyers, largely institutional investors, a 30-day option to purchase up to $25 million more in notes. Net proceeds from the offering primarily will be used to reduce the outstanding balance on its unsecured line of credit.

Separately, Alexandria announced its board declared a cash dividend of 35 cents per share on its common stock for the second quarter. The dividend is payable July 15 to stockholders of record on July 1.

Alexandria shares were down $3.17, or 8 percent, to $36.34 in morning trading on the New York Stock Exchange.