Brandywine to redeem remaining 4.95% notes due 2018 on Dec. 18

By Marisa Wong

Morgantown, W.Va., Nov. 17 – Brandywine Realty Trust said operating partnership Brandywine Operating Partnership, LP intends to redeem on Dec. 18 all its outstanding 4.95% guaranteed notes due 2018 not purchased under its previously announced tender offer.

The notes will be redeemed at a redemption price equal to the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest on the notes, discounted to the redemption date on a semiannual basis at Treasuries plus 35 basis points, plus in either case accrued interest to the redemption date.

As announced on Thursday, Brandywine received tenders for $113,376,000, or 34.88%, of its $325 million of 4.95% notes due 2018 and accepted all of those tenders for purchase.

The tender offer ran from Nov. 9 to Nov. 16.

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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