At the close of NYSE trading on Thursday, June 12, the day of theannouncement, shares of BDN traded at $24.84 a share. At that price, theoffering would add slightly less than $50 million to the company coffers. Citigroup has theoption to purchase up to an additional 300,000 shares to coverover-allotments, which could add approximately another $7.45 million.
The shares are being offered through a supplement prospectus underBrandywine's existing shelf registration statement. Copies are availablefrom Citigroup.
The REIT will use the proceeds for general corporate purposes, includingrepayment of debt. In this year's first quarter, there were about 35.3million common shares outstanding.
Brandywine has regional offices in Mt. Laurel, NJ and Richmond, VA. It owns,manages or has an ownership interest in 285 office and industrial propertiesencompassing 20.4 million sf.
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