Brandywine Realty Trust announced the closing of a $400 million offering of 8.875% guaranteed notes due 2029. The company's operating partnership, Brandywine Operating Partnership, L.P., completed the underwritten public offering and intends to utilize the net proceeds for various purposes, including the repurchase or redemption of $335.1 million outstanding principal amount of its 4.10% guaranteed notes due October 1, 2024, as well as for general corporate purposes such as the repayment, repurchase, or retirement of other indebtedness.
As of December 31, 2023, Brandywine Realty Trust's urban, town center, and transit-oriented portfolio comprised 158 properties and 22.4 million square feet, excluding assets held for sale. The company, listed on the NYSE under the ticker symbol BDN, is a significant player in the real estate market with a core focus on the Philadelphia and Austin markets.
This announcement signifies a strategic financial move for Brandywine Realty Trust, positioning the company to optimize its capital structure and potentially reduce its interest expenses through the issuance of the new notes and the planned retirement of existing debt. Today the company's shares have moved -2.9% to a price of $4.36. If you want to know more, read the company's complete 8-K report here.
