Brandywine Realty Trust Prices $400 Million of 8.875% Guaranteed Notes Due 2029

PHILADELPHIA, April 04, 2024 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (the “Company”) (NYSE: BDN) announced today that its operating partnership, Brandywine Operating Partnership, L.P. (the “Operating Partnership”), has priced an underwritten public offering of $400 million of its 8.875% guaranteed notes due 2029 (the “Notes”). Interest on the Notes will be payable semi-annually on April 12 and October 12 of each year, commencing October 12, 2024.

The Notes are being offered to investors at a price of 99.505% of their principal amount, plus accrued interest, if any, from April 12, 2024, with a re-offer yield of 9.000%. The sale of the Notes is expected to close on April 12, 2024, subject to customary closing conditions.

The net proceeds of the offering, after deducting underwriting discounts and estimated transaction expenses related to this offering, are expected to be approximately $391.8 million. The Operating Partnership intends to use the net proceeds of the offering to repurchase or redeem the $340 million outstanding principal amount of its 4.10% Guaranteed Notes due October 1, 2024 and for general corporate purposes, which may include the repayment, repurchase or other retirement of other indebtedness.

The joint book-running managers for the offering are 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.   The senior co-managers for the offering are Citizens JMP Securities, LLC, M&T Securities, Inc. and TD Securities (USA) LLC. The co-managers for the offering are Samuel A. Ramirez & Company, Inc. and Synovus Securities, 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.