Brandywine Realty begins tender offer for 4.1% notes due 2024

By Marisa Wong

Los Angeles, April 15 – Brandywine Realty Trust operating partnership Brandywine Operating Partnership, LP has begun a cash tender offer for any and all of its $335.1 million outstanding 4.1% guaranteed notes due Oct. 1, 2024 (Cusip: 105340AN3), according to a Monday press release.

Pricing will be calculated using the 4¼% U.S. Treasury due Sept. 30, 2024 and a fixed spread of 0 basis points.

The issuer will also pay accrued interest.

Tenders may be delivered under guaranteed delivery procedures.

Pricing will be determined at 10 a.m. ET on April 19.

The offer will expire at 5 p.m. ET on April 19.

Settlement is expected to occur on April 23.

Tenders may be withdrawn at any time prior to the earlier of the expiration date and, if the offer is extended, the 10th business day after the start of the offer. Notes may also be withdrawn at any time after the 60th business day after the start of the offer if for any reason the offer has not been completed within 60 business days.

The issuer plans to fund the purchase price of the 2024 notes using proceeds from its recent sale of 8 7/8% guaranteed notes due 2029, together with cash on hand.

BofA Securities (888 292-0070 or 980 388-0539; debt_advisory@bofa.com) and Citigroup (800 558-3745 or 212 723-6016) are the dealer managers for the tender offer.

Global Bondholder Services Corp. (855 654-2015 or 212 430-3774; https://www.gbsc-usa.com/brandywine/) is the information agent.

Brandywine is a real estate investment trust based in Philadelphia.

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