Brandywine Realty Trust (NYSE: BDN) has announced a cash tender offer for any and all of its outstanding 4.10% guaranteed notes due October 1, 2024. The aggregate principal amount outstanding of these notes is $335,100,000.
The purchase price offered per $1,000 principal amount of notes validly tendered and accepted for purchase will be determined by the dealer managers. The offer includes an additional cash amount equal to accrued interest in addition to the purchase price.
The tender offer will expire at 5:00 p.m., New York City time, on April 19, 2024, unless extended or earlier terminated. Holders of notes must validly tender and not withdraw their notes prior to or at the expiration date to be eligible to receive the purchase price.
The company intends to fund the purchase price for the notes tendered in the tender offer with net proceeds it received from the sale of $400,000,000 aggregate principal amount of its 8.875% guaranteed notes due 2029, together with cash on hand.
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.
Holders are urged to carefully read the tender offer documents before making any decision with respect to the tender offer. The tender offer is not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky, or other laws of such jurisdiction.
This press release does not constitute an offer to purchase or a solicitation to buy any of these notes or any other securities of the operating partnership, nor is it a solicitation for acceptance of the tender offer. As a result of these announcements, the company's shares have moved -1.1% on the market, and are now trading at a price of $4.31. For the full picture, make sure to review Brandywine Realty Trust's 8-K report.
