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Brandywine Realty begins cash tender offer for 7.5% and 6% notes
By Toni Weeks
San Diego, Dec. 13 - Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP has commenced its cash tender offer for any and all of the $216,819,000 of 7.5% guaranteed notes due May 15, 2015 and any and all of the $250 million of 6% guaranteed notes due April 1, 2016. The offer was announced Dec. 12.
The 7.5% notes were issued by the trust, while the other series was issued by the operating partnership.
The payment will be $1,135.49 per $1,000 principal amount of 7.5% notes and $1,130.00 per $1,000 principal amount of the 6% notes, plus accrued interest.
The offers will expire at 8 a.m. ET on Dec. 27.
Brandywine will fund the offer with proceeds from an offering of 10-year guaranteed notes, cash on hand and borrowings under its existing credit facilities.
Global Bondholder Services Corp. (866 470-4200 or collect 212 430-3774) is the information agent. Bank of America Merrill Lynch (888 292-0070 or collect 980 387-3907) is the dealer manager.
Brandywine is a real estate investment trust based in Radnor, Pa., that owns, develops and manages a primarily class A, suburban and urban office portfolio.
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