BRANDYWINE OPERATING PARTNERSHIP, L.P.: debt financing — Brandywine OP issues $400M 8.875% notes due 2029; refi $335M 4.10% notes due Oct 2024

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Issued $400M of 8.875% guaranteed notes due 2029; net proceeds ~$391.8M after underwriting discount and expenses.
Proceeds to repurchase/redeem $335.1M of 4.10% notes maturing Oct 1, 2024, plus general corporate purposes.
Notes are unsecured, rank equally with existing unsecured debt; fully guaranteed by Brandywine Realty Trust (BDN).
Interest payable semi-annually on Apr 12 and Oct 12, beginning Oct 12, 2024.

item 1.01 item 2.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

BRANDYWINE OPERATING PARTNERSHIP, L.P. incurred senior notes of $400 million at 8.875% maturing 2029.

Instrument: senior notes
Principal: $400 million
Rate: 8.875%
Maturity: 2029
Event: incurrence

Exact text from the filing

completed its offering and sale (the “Notes Offering”) of $400 million in aggregate principal amount of its 8.875% Guaranteed Notes due 2029

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

BRANDYWINE OPERATING PARTNERSHIP, L.P. entered into Indenture with The Bank of New York Mellon valued at $400 million (effective 2004-10-22).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon
Value: $400 million
Effective: 2004-10-22

Exact text from the filing

On April 12, 2024, Brandywine Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), completed its offering and sale (the “Notes Offering”) 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 0001193125-24-094769

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