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Brandywine Offers $300M in Senior Notes

RADNOR, PA-The sale of the notes due May 1, 2017 is expected to close April 30. All proceeds will be used to reduce revolving credit facility debt.

By Marita Thomas | Updated on April 27, 2007

RADNOR, PA-Brandywine Realty Trust’s operating partnership, Brandywine Operating Partnership LP, has priced a sale of $300 million of 5.7% unsecured guaranteed senior notes due May 1, 2017. The sale is scheduled to close April 30.

Interest on the notes will be paid semiannually on May 1 and Nov. 1, beginning this Nov. 1. The offering price is 99.8% with a yield to maturity of 5.8%, which represents a spread of 1.1% in relation to the February 2017 treasury note.

The locally based REIT will use all proceeds to pay debt on its unsecured revolving credit facility, which, according to an SEC filing, matures on Dec. 22, 2009. According to the filing, the outstanding balance on the facility as of April 23 was approximately $572 million. On that date, the annual interest rate was 6%, based on a rate of Libor plus from 55 to 110 basis points, depending on the REIT’s debt rating.

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