Brandywine Realty Trust Prices $350M of 7.550% Guaranteed Notes
Brandywine Realty Trust’s operating partnership, Brandywine Operating Partnership. L.P. has priced an underwritten public offering of $350 million of its 7.550% guaranteed notes due 2028.
The notes will pay interest semi-annually on March 15 and September 15 each year, beginning March 2023. The sale is expected to close December 13, 2022, the company said.
The notes are priced at 99.058% of their principal amount, including accrued interest from December 13, 2022, with a re-offer yield of 7.776%.
The company is targeting roughly $344.1 million in net proceeds from the offering, which the operating partnership intends to use to repurchase $350 million of its 3.95% notes due February 15, 2023, and for general corporate purposes.
The joint managers for the offering include BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
The senior co-managers are BNY Mellon Capital Markets, LLC, Citizens Capital Markets, Inc., M&T Securities, Inc. and TD Securities (USA) LLC. The co-managers for the offering are Samuel A. Ramirez & Company, Inc. and Synovus Securities, Inc.