Brandywine investors tender 20.5% of $196.68 million 4.5% notes

By Susanna Moon

Chicago, Jan. 30 - Brandywine Realty Trust said its operating partnership, Brandywine Operating Partnership, LP, accepted $40,279,000 of notes, or 20.5% of the $196.68 million outstanding principal amount, in its tender offer for its 4.5% guaranteed notes due Nov. 1, 2009.

The offer expired at 5 p.m. ET on Jan. 29. The payment date was Jan. 30.

The company paid $967.50 per $1,000 principal amount of notes plus accrued interest up to but excluding the payment date.

Payment for $28.4 million of the notes was funded from the $27.47 million balance in a cash escrow account, and the notes will be held in the escrow account until maturity along with $4.1 million of notes already held in the escrow account, according to a press release.

Payment for the remaining $11,887,000 of notes tendered was funded from borrowing under the company's unsecured revolving credit facility.

Following completion of the tender, $184,793,000 of the notes is outstanding, of which $32,492,000 is held in the escrow account, an asset of a wholly owned affiliate of Brandywine Realty Trust.

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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