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

By Marisa Wong

Madison, Wis., Dec. 27 - Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP said it accepted for purchase $50,284,000, or 23.2%, of the $216,819,000 of 7.5% guaranteed notes due May 15, 2015 and $99,571,000, or 39.8%, of the $250 million of 6% guaranteed notes due April 1, 2016 in the cash tender offer that began on Dec. 13.

The cash tender offer for any and all of the 7.5% notes, which were issued by the trust, and any and all of the 6% notes, issued by the operating partnership, expired at 8 a.m. ET on Dec. 27. Payment for the accepted notes was made that day.

The consideration paid was $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.

According to a press release, the total tender offer consideration of $171,479,378.44, including accrued interest, was funded from available cash on hand and a portion of the proceeds from a recently completed issue of 3.95% 10-year notes.

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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