Brandywine accepts $113.38 million of 4.95% notes due 2018 in tender

New York, Nov. 16 – Brandywine Realty Trust received tenders for $113,376,000, or 34.88% of its $325 million of 4.95% guaranteed notes due April 15, 2018 and accepted all of those tenders for purchase, according to a news release.

The tender offer ended at 5 p.m. ET on Nov. 16.

Brandywine added that it expects to redeem notes not tendered and anticipates the redemption date will be Dec. 18.

Earlier the trust announced pricing in the tender offer, saying it will pay $1,010.53 per $1,000 principal amount.

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,

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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