Brandywine sets pricing under tender offer for 4.95% notes due 2018

By Marisa Wong

Morgantown, W.Va., Nov. 16 – Brandywine Realty Trust has priced its previously announced tender offer to purchase for cash any and all of its outstanding $325 million 4.95% guaranteed notes due April 15, 2018.

The tender offer consideration is $1,010.53 per $1,000 principal amount of notes tendered and accepted for purchase, according to a press release.

Pricing was 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 basis points,

The tender offer is set to 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. The tender was contingent on pricing of the new notes.

The company priced $550 million of notes in two tranches on Nov. 9, the same day it launched the tender offer, as separately reported.

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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