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Brandywine begins tender offers for 4.5%, 5.625% and 5.75% notes
By Angela McDaniels
Tacoma, Wash., Aug. 6 - Brandywine Realty Trust said its operating partnership, Brandywine Operating Partnership, LP, has begun cash tender offers for any and all of its $150,151,000 outstanding principal amount of 4.5% guaranteed notes due Nov. 1, 2009 and for up to $100 million principal amount of its $287.83 million 5.625% guaranteed notes due Dec. 15, 2010 and $210,546,000 5.75% guaranteed notes due April 1, 2012.
The offer for the 4.5% notes will expire at 5 p.m. ET on Aug. 13.
The payment on offer is $1,004 for each $1,000 principal amount of 4.5% notes tendered plus accrued interest up to but excluding the payment date.
The offer for the 5.625% notes and 5.75% notes will expire at 11:59 p.m. ET on Sept. 2.
For each $1,000 principal amount, the company is offering $950 for the 5.75% notes and $970 for the 5.625% notes. In each case, the payout includes a $30 early tender payment for each note tendered by 5 p.m. ET on Aug. 19.
Holders will also receive accrued up to but excluding the payment date.
If the offer for the 5.625% notes and 5.75% notes is oversubscribed, all 5.75% notes tendered will be accepted for purchase, subject to proration, before any 5.625% notes are purchased.
The tender offer is not conditioned on any minimum amount of notes being tendered.
All notes purchased in the offers are expected to be retired and canceled.
The offers will be funded by a combination of available cash on hand and borrowings under the operating partnership's unsecured revolving credit facility.
Wells Fargo Securities (866 309-6316 or 704 715-8341) is the lead dealer manager, with Citi and Deutsche Bank Securities as co-dealer managers. Global Bondholder Services Corp. (866 540-1500 or 212 430-3774) is the information agent.
Brandywine is a real estate investment trust based in Radnor, Pa., that owns, develops and manages a primarily class A, suburban and urban office portfolio.
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