Brandywine Realty Trust Prices $400 Million Notes Offering

Brandywine Realty Trust (NYSE: BDN) has priced an underwritten public offering of $400 million of its 8.875% guaranteed notes due 2029. The notes will have a re-offer yield of 9.000% and will be payable semi-annually on April 12 and October 12 of each year, commencing October 12, 2024. 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, are expected to be approximately $391.8 million. Brandywine Realty Trust 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, and 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.

As of December 31, 2023, Brandywine Realty Trust owns, develops, leases, and manages an urban, town center, and transit-oriented portfolio comprising 158 properties and 22.4 million square feet, excluding assets held for sale.

The company's purpose is to shape, connect, and inspire the world around us through its expertise, the relationships it fosters, the communities in which it lives and works, and the history it builds together. Following these announcements, the company's shares moved -1.0%, and are now trading at a price of $4.3. For more information, read the company's full 8-K submission here.

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