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April 3, 2012 /PRNewswire/ -- Brandywine Realty Trust (the "Company") (NYSE: BDN) announced today that it has priced a public offering of 4,000,000 shares of its 6.90% Series E Cumulative Redeemable Preferred Shares at
$25.00 per share, plus accrued dividends, if any. The offering is expected to close on
April 11, 2012, subject to customary closing conditions. Dividends on the 6.90% Series E Cumulative Redeemable Preferred Shares will be paid quarterly in arrears on or about the 15th day of each January, April, July, and October, commencing
July 15, 2012, at a rate per annum of 6.90% of the liquidation value of
$25.00 per share (equivalent to
$1.725 per share per annum).
The underwriters for the public offering have been granted a 30-day option to purchase up to 600,000 additional shares of 6.90% Series E Cumulative Redeemable Preferred Shares to cover over-allotments, if any. The Company intends to file an application to list the 6.90% Series E Cumulative Redeemable Preferred Shares on the New York Stock Exchange. Trading of the 6.90% Series E Cumulative Redeemable Preferred Shares on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the 6.90% Series E Cumulative Redeemable Preferred Shares.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup are acting as the joint book-running managers of the offering. J.P. Morgan Securities LLC and RBC Capital Markets are acting as senior co-managers, and
Janney Montgomery Scott and PNC Capital Markets are acting as co-managers of the offering. The estimated net proceeds from the offering are expected to be approximately
$96.3 million, after deducting the underwriting discount and our estimated expenses, but before giving effect to any exercise of the underwriters' over-allotment option.
The Company intends to use the net proceeds from this offering to fund its previously announced redemption of all 2,000,000 shares of its outstanding 7.50% Series C Cumulative Redeemable Preferred Shares and for other general corporate purposes, which may include acquisitions, real estate development activities and repurchases or redemption of debt or other outstanding preferred shares.