Published on 12/6/2022 in the Prospect News Investment Grade Daily.
New Issue: Brandywine sells $350 million 7.55% notes due 2028 at 400 bps spread
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Brandywine Operating Partnership, LP priced $350 million of 7.55% notes due March 15, 2028 (Baa3/BBB-) on Tuesday at a spread of 400 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by Brandywine Realty Trust.
Pricing was at 99.058 to yield 7.776%.
There is a make-whole call at 50 bps over Treasuries until 30 days before maturity and a par call after.
Bookrunners were BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC.
Proceeds will be used to repurchase or redeem the $350 million outstanding principal amount of 3.95% guaranteed notes due Feb. 15, 2023 and for general corporate purposes, which may include the repayment, repurchase or other retirement of debt.
The real estate investment trust for office and industrial properties is based in Radnor, Pa.
| Issuer: | Brandywine Operating Partnership, LP
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| Guarantor: | Brandywine Realty Trust
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| Amount: | $350 million
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| Issue: | Notes
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| Maturity: | March 15, 2028
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Senior co-managers: | BNY Mellon Capital Markets, LLC, Citizens Capital Markets, Inc., M&T Securities, Inc. and TD Securities (USA) LLC
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| Co-managers: | Samuel A. Ramirez & Co., Inc. and Synovus Securities, Inc.
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Troutman Pepper Hamilton Sanders LLP
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 7.55%
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| Price: | 99.058
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| Yield: | 7.776%
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| Spread: | Treasuries plus 400 bps
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| Call: | Make-whole at Treasuries plus 50 bps to Feb. 15, 2028, after at par
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| Trade date: | Dec. 6
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| Settlement date: | Dec. 13
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| Ratings: | Moody's: Baa3
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| S&P: BBB-
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| Distribution: | SEC registered
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| Cusip: | 105340AR4
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