Brandywine begins tender offer for 4.5% notes

By Angela McDaniels

Tacoma, Wash., Jan. 22 - Brandywine Realty Trust said its operating partnership, Brandywine Operating Partnership, LP, has begun a tender offer for its $196.68 million outstanding principal amount of 4.5% guaranteed notes due Nov. 1, 2009.

The tender offer will expire at 5 p.m. ET on Jan. 29.

The company is offering $967.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date, which will be the next business day following the expiration date.

The first $28.3 million of notes purchased under the offer are expected to be held by an affiliate of the operating partnership, and any remaining tendered notes will be retired and cancelled.

The tender offer will be funded by a combination of $27.4 million of cash on hand and borrowings under existing credit facilities, according to a company news release.

Wachovia Securities (866 309-6316 or 704 715-8341) is the dealer manager, and Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the information agent.

Brandywine is a Radnor, Pa-based real estate investment trust that owns, develops and manages a primarily class A, suburban and urban office portfolio.

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