Brandywine amends, restates $600 million revolver, reduces pricing

By Wendy Van Sickle

Columbus, Ohio, July 20 – Brandywine Realty Trust and Brandywine Operating Partnership, LP amended and restated their $600 million unsecured revolving credit facility on Tuesday, extending its term and reducing the interest rate margins, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the maturity date was extended to July 15, 2022 from May 15, 2019, with two six-month extension options, and the margin above Libor was reduced to a range from 82.5 basis points to 155 bps, depending on debt ratings.

Additionally, a minimum net worth covenant was removed.

Bank of America Merrill Lynch and Citigroup Global Markets Inc. acted as joint lead arrangers and joint bookrunners and Bank of America, NA as administrative agent.

Barclays Bank plc, Capital One, NA, TD Bank, NA, U.S. Bank NA and Wells Fargo Bank, NA acted as senior managing agents; Bank of Montreal, Bank of New York Mellon, Citizens Bank, NA, PNC Bank, NA, Royal Bank of Canada and SunTrust Bank as co-documentation agents; and Citibank, NA as syndication agent.

Proceeds may be used for working capital, including letters of credit, and other general corporate purposes, including funding acquisitions and repaying debt.

The real estate investment trust for office and industrial properties is based in Radnor, Pa.

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