Brandywine Realty Trust, a real estate investment trust (REIT) based in Philadelphia, has successfully priced an underwritten public offering of $150 million of its 8.875% guaranteed notes due in 2029. The re-offer yield for the notes has been set at 7.039%, and they will be payable semi-annually beginning October 12, 2025.
The net proceeds from the offering, after deducting underwriting discounts and estimated transaction expenses, are expected to be approximately $148 million. The company plans to utilize these funds to repay outstanding borrowings under its $600 million unsecured revolving credit facility, to fund a partial repayment of its secured debt, and for general corporate purposes, including the repayment, repurchase, or retirement of other indebtedness.
The joint book-running managers for the offering are BofA Securities, Wells Fargo Securities, PNC Capital Markets, BNY Mellon Capital Markets, Citigroup Global Markets, Truist Securities, and U.S. Bancorp Investments. Additionally, Citizens JMP Securities and M&T Securities are serving as senior co-managers, while Samuel A. Ramirez & Company and Synovus Securities are acting as co-managers for the offering.
Brandywine Realty Trust, listed on the NYSE under the ticker symbol BDN, is one of the largest publicly traded full-service integrated real estate companies in the United States, with a core focus in the Philadelphia and Austin markets. As of March 31, 2025, the company owned, developed, leased, and managed 125 properties encompassing 19.4 million square feet.
This successful pricing of the notes and the intended utilization of the net proceeds underscore Brandywine Realty Trust's strategic approach to managing its debt and capital structure, setting the stage for potential future growth and development initiatives. Today the company's shares have moved -0.43% to a price of $4.3711. For more information, read the company's full 8-K submission here.
