Brandywine to redeem all remaining 3.95% notes due 2023 early

By William Gullotti

Buffalo, N.Y., Dec. 21 – Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP intends to redeem all of the outstanding 3.95% guaranteed notes due Feb. 15, 2023 (Cusip: 105340AM5) following its recently completed tender offer, according to an 8-K filing with the Securities and Exchange Commission.

The expected redemption date is Jan. 20, with the remaining notes to be redeemed at par plus accrued and unpaid interest to the redemption date.

As with the recently settled any and all tender offer for the series, the partnership intends to use a portion of the net proceeds from its $350 million offering of 7.55% guaranteed notes due 2028 to fund the redemption.

Brandywine is a real estate investment trust based in Radnor, Pa., that owns, develops and manages urban, town center and transit-oriented properties.

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