Brandywine Realty Trust's operating partnership priced a public offering of $100.0 million of its 4.100% guaranteed notes due 2024 and $100.0 million of its 4.550% guaranteed notes due 2029.
The 2024 notes are priced at 106.315% of the principal amount, plus accrued and unpaid interest, with a re-offer yield of 2.669%. The 2029 notes are priced at 110.058% of the principal amount, plus accrued and unpaid interest, with a re-offer yield of 3.331%. Interest on both series of notes will be payable semiannually every April 1 and Sept. 1, starting in 2020.
Net proceeds from the offering, anticipated to close Oct. 10, are expected to come to roughly $214.7 million. Brandywine Operating Partnership LP intends to use net proceeds to cut outstanding borrowings under its unsecured revolving credit facility, with the balance going toward general business purposes.
Citigroup Global Markets Inc., BofA Securities Inc., Barclays Capital Inc. and Wells Fargo Securities LLC are the joint book-running managers for the offering. BMO Capital Markets Corp., BNY Mellon Capital Markets LLC, Capital One Securities Inc., PNC Capital Markets LLC, RBC Capital Markets LLC, Stifel Nicolaus & Co. Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. are the senior co-managers.
BB&T Capital Markets, Firstrust Savings Bank, KeyBanc Capital Markets Inc., Samuel A. Ramirez & Co. Inc., Santander Investment Securities Inc., Synovus Securities Inc. and TD Securities (USA) LLC are the co-managers.
