Brandywine Realty plans cash tender offer for 7.5% and 6% notes

By Jennifer Chiou

New York, Dec. 12 - Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP announced that it intends to launch a 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 operating partnership plans to launch the offer on or prior to Dec. 14.

The 7.5% notes were issued by the trust, while the other series was issued by the operating partnership.

The payment is expected to 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.

Brandywine intends to fund the offer with proceeds from an offering of 10-year guaranteed notes and cash on hand. It may also borrow under its $600 million unsecured revolving credit facility.

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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