BDN Operating Partnership prices $400M 8.875% notes due 2029; proceeds to refinance $340M 4.10% notes

BRANDYWINE OPERATING PARTNERSHIP, L.P.

$400M aggregate principal of 8.875% guaranteed notes due 2029 priced at 99.505% (9.000% yield).
Net proceeds ~$391.8M after underwriting discounts and expenses.
Proceeds to repurchase/ redeem $340M of 4.10% guaranteed notes due Oct 1, 2024, plus general corporate.
Offer expected to close April 12, 2024; joint book-runners: BofA, Citigroup, BNY Mellon, PNC, Truist, U.S. Bancorp, Wells Fargo.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BRANDYWINE OPERATING PARTNERSHIP, L.P. entered into Underwriting Agreement with BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the several underwriters valued at $400 million (effective 2024-04-03).

Action: entry
Agreement: underwriting
Counterparty: BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the several underwriters
Value: $400 million
Effective: 2024-04-03

Exact text from the filing

On April 3, 2024, Brandywine Realty Trust, a Maryland real estate investment trust (the “Company”), and its operating partnership, Brandywine Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), entered into an Underwriting Agreement (together with the Pricing Agreement (as defined below), the “Underwriting Agreement”) and a related Pricing Agreement (the “Pricing Agreement”) with BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the several underwriters named in the Pricing Agreement (the “Underwriters”), in connection with the public offering by the Operating Partnership of $400 million in aggregate principal amount of its 8.875% Guaranteed Notes due 2029 (the “Notes”).

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Source: SEC EDGAR

accession 0001193125-24-087957

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