By Mary-Katherine Stinson
Lexington, Ky., April 4 – Brandywine Operating Partnership, LP disclosed details of its upsized $400 million issue of 8 7/8% senior notes due 2029 (Ba1/BB+), which priced on April 3, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.505 to yield 9%, or at 467.3 basis points above Treasuries.
The issue size increased from $300 million.
The yield printed on top of yield talk.
The notes have make-whole call protection at Treasuries plus 50 basis points until March 12, 2029, and then are callable at par for the last month until maturity.
BofA Securities, Inc., Citigroup Global Markets Inc., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities LLC were the bookrunners.
The notes are guaranteed by Brandywine Realty Trust.
The Philadelphia-based real estate investment trust, which focuses on office properties, plans to use the proceeds to repurchase or redeem its $340 million 4.1% guaranteed notes due Oct. 1, 2024 and for general corporate purposes which may include the repayment, repurchase or other retirement of other debt.
| Issuer: | Brandywine Operating Partnership, LP
|
| Guarantor: | Brandywine Realty Trust
|
| Amount: | $400 million
|
| Securities: | Senior notes
|
| Maturity: | April 12, 2029
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., BNY Mellon Capital Markets, LLC, PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities LLC
|
| Senior co-managers: | Citizens JMP Securities, LLC, M&T Securities, Inc. and TD Securities (USA) LLC
|
| Co-managers: | Samuel A. Ramirez & Co., Inc. and Synovus Securities, Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Troutman Pepper Hamilton Sanders LLP
|
| Counsel to bookrunners: | Simpson Thacher & Bartlett LLP
|
| Coupon: | 8 7/8%
|
| Price: | 99.505
|
| Yield: | 9%
|
| Spread: | Treasuries plus 467.3 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps before March 12, 2029; after at par
|
| Trade date: | April 3
|
| Settlement date: | April 12
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 9%
|
| Cusip: | 105340AS2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
