Brandywine redeems remaining 5.4% notes and 7.5% guaranteed notes

By Jennifer Chiou

New York, Oct. 16 – Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP completed the previously announced redemption of its 5.4% guaranteed notes due Nov. 1, 2014 and its 7.5% guaranteed notes due May 15, 2015, according to an 8-K filing with the Securities and Exchange Commission.

For each $1,000 principal amount, the company paid a cash redemption price of $1,026.88 for the $143.5 million of 5.4% notes, including accrued interest, and $1,070.24 for the $114.9 million of 7.5% notes, also including accrued interest.

The company said it used available cash balances for the redemption.

The redemption follows the September tender offer for the notes under which the company accepted tenders for $75.1 million, or 34.3%, of the then-outstanding $218,549,000 principal amount of 5.4% notes and $42.7 million, or 27.1%, of the then-outstanding $157,625,000 principal amount of 7.5% notes.

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

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