Brandywine Realty tenders for $325 million of 4.95% notes due 2018

By Susanna Moon

Chicago, Nov. 9 – Brandywine Realty Trust is tendering for its $325 million principal amount of outstanding 4.95% guaranteed notes due April 15, 2018.

Pricing will be set at 2 p.m. ET on Nov. 16 using the yield of the bid-side price of the 0.75% U.S. Treasury note due April 15, 2018 plus 35 bps, according to a company announcement.

The hypothetical purchase price was set at $1,010.63 per $1,000 principal amount at 2 p.m. ET on Nov. 8 using a settlement date of Nov. 17.

The tender offer will end at 5 p.m. ET on Nov. 16.

Holders will also receive accrued interest up to but excluding the payment date, which is expected to be Nov. 17.

The operating partnership plans to fund the notes purchase with proceeds from a concurrent offering of guaranteed notes and the tender is contingent upon the pricing of the new notes.

Global Bondholder Services Corp. (866 470-4300, 212 430-3774 and gbsc-usa.com/Brandywine/) is the information agent. The dealer managers are BofA Merrill Lynch (888 292-0070 or 980 387-3907) or Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106).

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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