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Dec. 12, 2012 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) announced today that its operating partnership, Brandywine Operating Partnership, LP (the "Operating Partnership"), intends to commence a cash tender offer (the "Tender Offer") on or before
December 14, 2012 for any and all of the
$216,819,000 outstanding principal amount of its 7.50% Guaranteed Notes due
May 15, 2015 (the "2015 Notes") and any and all of the
$250,000,000 outstanding principal amount of its 6.00% Guaranteed Notes due
April 1, 2016 (the "2016 Notes") issued by the Operating Partnership (collectively, the 2015 Notes and the 2016 Notes, the "Notes"). The consideration payable is expected to be
$1,000 principal amount of 2015 Notes and
$1,000 principal amount of 2016 Notes, each plus accrued and unpaid interest to, but not including, the payment date for the Notes purchased in the Tender Offer. The terms and conditions of the Tender Offer will be set forth in the Offer to Purchase (the "Offer to Purchase") and the related Letter of Transmittal (the "Letter of Transmittal") to be prepared in connection with the Tender Offer.
The Operating Partnership intends to fund the Tender Offer with the proceeds of an offering of ten-year guaranteed notes expected to be priced today, cash on hand and, if necessary, borrowings under our
$600 million unsecured revolving credit facility (zero current balance). If issued, such notes will be guaranteed by Brandywine Realty Trust, the sole general partner of the Operating Partnership.
The complete terms and conditions of the Tender Offer, if made, will be set forth in the Offer to Purchase and Letter of Transmittal. Holders are urged to read the Tender Offer documents carefully before making any decision with respect to the Tender Offer.