Brandywine Realty Trust Prices $250 Million of 3.95% Ten-Year
Senior Unsecured Guaranteed Notes
RADNOR, Pa., Dec. 12, 2012 /PRNewswire/ -- Brandywine
Realty Trust (the "Company") (NYSE:BDN) announced today that its
operating partnership, Brandywine Operating Partnership, L.P., has
priced the underwritten public offering of $250 million of 3.95% senior unsecured guaranteed
notes due 2023. Interest on the notes will be payable
semi-annually on February 15 and
August 15 commencing August 15, 2013. The notes are being
offered to investors at a price of 99.273% of principal amount with
a yield to maturity of 4.037%, representing a spread at pricing of
235 basis points to the yield on the 1.625% Treasury note due
November 15, 2022. The net
proceeds of the offering, after deducting underwriting discounts
and offering expenses, are expected to be approximately
$246.1 million and will be used to
fund the previously announced tender offers intended to be
commenced for $216.8 million in
outstanding principal amount of the 7.5% Guaranteed Notes due
May 15, 2015 and $250 million in outstanding principal amount of
the 6.0% Guaranteed Notes due April 1,
2016 of Brandywine Operating Partnership, L.P. Any net
proceeds not used to fund these tender offers will be used for
general corporate purposes and for the repayment, repurchase or
other retirement of existing indebtedness. The sale of the
notes is expected to close on December 18,
2012.
The joint book-running managers for the offering are J.P. Morgan
Securities LLC; Merrill Lynch, Pierce, Fenner & Smith
Incorporated and RBS Securities Inc. The senior co-managers for the
offering are Capital One Southcoast; Inc.; Citigroup Global Markets
Inc.; Goldman, Sachs & Co.; RBC Capital Markets, LLC and Wells
Fargo Securities, LLC. The co-managers for the offering are
BB&T Capital Markets, a division of Scott & Stringfellow,
LLC; BMO Capital Markets Corp.; BNY Mellon Capital Markets, LLC;
Cantor Fitzgerald & Co.; Comerica Securities, Inc.; The
Huntington Investment Company; Janney Montgomery Scott LLC;
Mitsubishi UFJ Securities (USA),
Inc.; Santander Investment Securities Inc.; TD Securities
(USA) LLC and U.S. Bancorp
Investments, Inc.
This offering is being made pursuant to an effective shelf
registration statement and related prospectus and preliminary
prospectus supplement filed by the Company with the Securities and
Exchange Commission. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any securities
nor will there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such jurisdiction.
Copies of the prospectus supplement and prospectus relating to
the offering may be obtained from Merrill Lynch, Pierce, Fenner
& Smith Incorporated, 222 Broadway, 11th Floor,
New York, NY 10038,
Attention: Prospectus Department, toll-free:
1-800-294-1322, e-mail: dg.prospectus_requests@baml.com; J.P.
Morgan Securities LLC, 383 Madison Avenue New York, NY 10179, Attention: High Grade
Syndicate Desk (212) 834-4533; and RBS Securities Inc., 600
Washington Boulevard, Stamford, CT
06901, Attention: Debt Capital Markets Syndicate, 1-866-
884-2071.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded,
full-service, integrated real estate companies in the United
States. Organized as a real estate investment trust and
operating in select markets, Brandywine owns, leases and manages an
urban, town center and suburban office portfolio comprising 295
properties and 34.0 million square feet, including 219 properties
and 24.5 million square feet owned on a consolidated basis and 57
properties and 7.0 million square feet in 19 unconsolidated real
estate ventures all as of September 30,
2012. For more information, please visit
www.brandywinerealty.com.
Forward-Looking Statements
Certain statements in this release constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, performance, achievements or transactions
of the Company and its affiliates or industry results to be
materially different from any future results, performance,
achievements or transactions expressed or implied by such
forward-looking statements. Such risks, uncertainties and
other factors relate to, among others, the Company's ability to
lease vacant space and to renew or relet space under expiring
leases at expected levels, the potential loss of major tenants,
interest rate levels, the availability and terms of debt and equity
financing, competition with other real estate companies for tenants
and acquisitions, risks of real estate acquisitions, dispositions
and developments, including cost overruns and construction delays,
unanticipated operating costs and the effects of general and local
economic and real estate conditions. Additional information
or factors which could impact the Company and the forward-looking
statements contained herein are included in the Company's filings
with the Securities and Exchange Commission, including our Form
10-K for the year ended December 31,
2011. The Company assumes no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
SOURCE Brandywine Realty Trust