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Brandywine Realty wraps tender offer for 4.1% notes due 2024
By Mary-Katherine Stinson
Lexington, Ky., April 22 – Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP announced the results of its cash tender offer for any and all of its $335.1 million outstanding 4.1% guaranteed notes due Oct. 1, 2024 (Cusip: 105340AN3).
As of the expiration of the offer at 5 p.m. ET on April 19, holders had tendered and the company accepted for purchase $221,601,000, or 66.13%, of the notes, according to a Monday press release.
That amount excludes $75,000 aggregate principal amount of the notes submitted via guaranteed delivery procedures.
As previously reported, the company will purchase all the tendered notes at $994.48 per $1,000 principal amount, with pricing based on 4¼% U.S. Treasury due Sept. 30, 2024 and a fixed spread of 0 basis points.
The issuer will also pay accrued interest.
Pricing was determined at 10 a.m. ET on April 19.
Settlement will occur on April 23. Settlement for the notes delivered via guaranteed delivery procedures will be two business days after that.
The offer was announced on April 15.
The total consideration of $220,932,996.21 including accrued interest, excluding for the notes delivered via guaranteed delivery, will be funded with net proceeds the company received from its $400 million recent sale of 8 7/8% guaranteed notes due 2029.
The repurchased notes will be retired.
The company expects to purchase any notes not tendered in the offer on June 7.
BofA Securities Inc. (888 292-0070 or 980 388-0539; debt_advisory@bofa.com) and Citigroup (800 558-3745 or 212 723-6016) are the dealer managers for the tender offer.
Global Bondholder Services Corp. (855 654-2015 or 212 430-3774; https://www.gbsc-usa.com/brandywine/) is the information agent.
Brandywine is a real estate investment trust based in Philadelphia.
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