RADNOR, Pa., Dec. 12, 2012 /PRNewswire/ -- Brandywine Realty Trust (the "Company") (NYSE:BDN) announced today that its operating partnership, Brandywine Operating Partnership, L.P., has priced the underwritten public offering of $250 million of 3.95% senior unsecured guaranteed notes due 2023. Interest on the notes will be payable semi-annually on February 15 and August 15 commencing August 15, 2013. The notes are being offered to investors at a price of 99.273% of principal amount with a yield to maturity of 4.037%, representing a spread at pricing of 235 basis points to the yield on the 1.625% Treasury note due November 15, 2022. The net proceeds of the offering, after deducting underwriting discounts and offering expenses, are expected to be approximately $246.1 million and will be used to fund the previously announced tender offers intended to be commenced for $216.8 million in outstanding principal amount of the 7.5% Guaranteed Notes due May 15, 2015 and $250 million in outstanding principal amount of the 6.0% Guaranteed Notes due April 1, 2016 of Brandywine Operating Partnership, L.P. Any net proceeds not used to fund these tender offers will be used for general corporate purposes and for the repayment, repurchase or other retirement of existing indebtedness. The sale of the notes is expected to close on December 18, 2012.
The joint book-running managers for the offering are J.P. Morgan Securities LLC; Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBS Securities Inc. The senior co-managers for the offering are Capital One Southcoast; Inc.; Citigroup Global Markets Inc.; Goldman, Sachs & Co.; RBC Capital Markets, LLC and Wells Fargo Securities, LLC. The co-managers for the offering are BB&T Capital Markets, a division of Scott & Stringfellow, LLC; BMO Capital Markets Corp.; BNY Mellon Capital Markets, LLC; Cantor Fitzgerald & Co.; Comerica Securities, Inc.; The Huntington Investment Company; Janney Montgomery Scott LLC; Mitsubishi UFJ Securities ( USA), Inc.; Santander Investment Securities Inc.; TD Securities ( USA) LLC and U.S. Bancorp Investments, Inc.
This offering is being made pursuant to an effective shelf registration statement and related prospectus and preliminary prospectus supplement filed by the Company with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.