Brandywine to price guaranteed fixed-rate notes in two tranches

By Devika Patel

Knoxville, Tenn., Nov. 9 – Brandywine Operating Partnership, LP intends to offer dollar-denominated guaranteed fixed-rate notes in two tranches, according a 424B5 filing with the Securities and Exchange Commission.

The notes are due in 2023 and 2027.

The notes will have a make-whole call until 90 days prior to maturity and then are callable at par.

BofA Merrill Lynch, Citigroup Global Markets Inc., Barclays and RBC Capital Markets Corp. are the joint bookrunners.

Proceeds will be used to fund the concurrent cash tender offer for all of the company’s 4.95% guaranteed notes due 2018, for the redemption of any notes that are not tendered in the tender offer and to repay debt under the company’s unsecured revolving credit facility.

The securities are guaranteed by Brandywine Realty Trust. The real estate investment trust for office and industrial properties is based in Radnor, Pa.

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