Brandywine plans more 4.1% notes due 2024, 4.55% notes due 2029

By Devika Patel

Knoxville, Tenn., Oct. 3 – Brandywine Operating Partnership, LP intends to sell guaranteed notes in two tranches, including an add-on to its 4.1% senior notes (Baa3/BBB-) due Oct. 1, 2024 and an add-on to its 4.55% senior notes (Baa3/BBB-) due Oct. 1, 2029, according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $250 million of 4.1% notes in a sale that priced on Sept. 8, 2014 and settled Sept. 16, 2014. The notes were priced at 99.388 to yield 4.175%, or Treasuries plus 170 basis points.

The company also sold $250 million of 4.55% notes in the same sale that priced on Sept. 8, 2014 and settled on Sept. 16, 2014. The notes were priced at 99.191 to yield 4.625%, or Treasuries plus 215 bps.

The 4.1% notes have a make-whole call until July 1, 2024 at Treasuries plus 25 bps, and then a par call. The 4.55% notes have a make-whole call until July 1, 2029 at Treasuries plus 35 bps, and then a par call.

Citigroup Global Markets Inc. and BofA Securities, Inc. are the bookrunners.

The notes are guaranteed by Brandywine Realty Trust.

Proceeds will be used to reduce debt under the company’s $600 million unsecured revolving credit facility and for general corporate purposes.

The real estate investment trust for office and industrial properties is based in Radnor, Pa.

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