Brandywine Realty Trust (NYSE: BDN) has announced the closing of its $150 million offering of 8.875% guaranteed notes due 2029. The re-offer yield for these notes is 7.039%, indicating a successful offering for the company.
The company's operating partnership, Brandywine Operating Partnership, L.P., closed the underwritten public offering as part of the same series as the operating partnership’s outstanding 8.875% guaranteed notes due 2029, which originally totaled $400 million and were issued on April 12, 2024.
The net proceeds from the offering will be used to repay outstanding borrowings under the operating partnership’s $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.
Brandywine Realty Trust is a real estate investment trust (REIT) and 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 owns, develops, leases, and manages an urban, town center, and transit-oriented portfolio comprising 125 properties and 19.4 million square feet.
This announcement reflects the company's strategic financial moves and its commitment to managing its debt obligations while pursuing its corporate objectives. Following these announcements, the company's shares moved 0.71%, and are now trading at a price of $4.25. If you want to know more, read the company's complete 8-K report here.
