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Brandywine Obtains $100M in Financing

PHILADELPHIA-Proceeds of the loan will be used to repay debt, including increasing availability under the Plymouth Meeting, PA-based REIT's $500-million revolving credit facility. The unsecured loan matures in three years, and no principal payments are due before maturity.

By Marita Thomas | Updated on July 22, 2002

PHILADELPHIA-Plymouth Meeting, PA-based Brandywine Realty Trust has obtained a $100-million term loan from members of its existing bank group. The loans bear interest at a spread over the one-, two-, three-, or six-month LIBOR that varies between 140 and 190 basis points, based on the company’s leverage ratio.

Proceeds will be used to repay other indebtedness, as well as make some of Brandywine’s existing $500-million revolving credit facility available. The loan was not secured by any of the company’s assets. It matures in three years, but Brandywine can elect two one-year extensions if certain, unspecified conditions are met at that time. There are no scheduled principal payments due prior to maturity.

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