Brandywine Realty Trust (the “Company”) (NYSE: BDN) announced today
that its operating partnership, Brandywine Operating Partnership,
L.P. (the “Operating Partnership”), has priced an underwritten
public offering of $400 million of its 8.875% guaranteed notes due
2029 (the “Notes”). Interest on the Notes will be payable
semi-annually on April 12 and October 12 of each year, commencing
October 12, 2024.
The Notes are being offered to investors at a
price of 99.505% of their principal amount, plus accrued interest,
if any, from April 12, 2024, with a re-offer yield of 9.000%. The
sale of the Notes is expected to close on April 12, 2024, subject
to customary closing conditions.
The net proceeds of the offering, after
deducting underwriting discounts and estimated transaction expenses
related to this offering, are expected to be approximately $391.8
million. The Operating Partnership intends to use the net proceeds
of the offering to repurchase or redeem the $340 million
outstanding principal amount of its 4.10% Guaranteed Notes due
October 1, 2024 and for general corporate purposes, which may
include the repayment, repurchase or other retirement of other
indebtedness.
The joint book-running managers for the offering
are BofA Securities, Inc., Citigroup Global Markets Inc., BNY
Mellon Capital Markets, LLC, PNC Capital Markets LLC, Truist
Securities, Inc., U.S. Bancorp Investments, Inc. and Wells Fargo
Securities, LLC. The senior co-managers for the
offering are Citizens JMP Securities, LLC, M&T Securities, Inc.
and TD Securities (USA) LLC. The co-managers for the offering are
Samuel A. Ramirez & Company, Inc. and Synovus Securities,
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.
Copies of the prospectus supplement and
prospectus relating to the offering may be obtained from BofA
Securities, Inc., Attn: Prospectus Department, 201 North Tryon
Street, NC1-022-02-25, Charlotte, NC 28255-0001 or by email at
dg.prospectus_requests@bofa.com or by calling toll-free
1-800-294-1322; and Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717,
telephone: 1-800-831-9146 or e-mail: prospectus@citi.com.
About Brandywine Realty
Trust
Brandywine Realty Trust (NYSE: BDN) is one of
the largest, publicly traded, full-service, integrated real estate
companies in the United States with a core focus in the
Philadelphia and Austin markets. Organized as a real estate
investment trust (REIT), we own, develop, lease and manage an
urban, town center and transit-oriented portfolio comprising 158
properties and 22.4 million square feet as of December 31, 2023,
which excludes assets held for sale. Our purpose is to shape,
connect and inspire the world around us through our expertise, the
relationships we foster, the communities in which we live and work,
and the history we build together. For more information, please
visit www.brandywinerealty.com.
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements can generally be identified by our use of
forward-looking terminology such as “will,” “strategy,” “expects,”
“seeks,” “believes,” “potential,” or other similar words. Because
such statements involve known and unknown risks, uncertainties and
contingencies, actual results may differ materially from the
expectations, intentions, beliefs, plans or predictions of the
future expressed or implied by such forward-looking statements.
These forward-looking statements are based upon the current beliefs
and expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and not
within our control. Such risks, uncertainties and contingencies
include, among others: risks related to the impact of potential
future outbreaks of infectious diseases on our financial condition;
results of operations and cash flows and those of our tenants as
well as on the economy and real estate and financial markets;
reduced demand for office space and pricing pressures, including
from competitors, that could limit our ability to lease space or
set rents at expected levels or that could lead to declines in
rent; uncertainty and volatility in capital and credit markets,
including changes that reduce availability, and increase costs, of
capital; the effect of inflation and interest rate fluctuations,
including on the costs of our planned debt refinancing; the
potential loss or bankruptcy of tenants or the inability of tenants
to meet their rent and other lease obligations; risks of
acquisitions and dispositions, including unexpected liabilities and
integration costs; delays in completing, and cost overruns incurred
in connection with, our developments and redevelopments;
disagreements with joint venture partners; unanticipated operating
and capital costs; uninsured casualty losses and our ability to
obtain adequate insurance, including coverage for terrorist acts;
additional asset impairments; our dependence upon certain
geographic markets; changes in governmental regulations, tax laws
and rates and similar matters; unexpected costs of REIT
qualification compliance; and costs and disruptions as the result
of a cybersecurity incident or other technology disruption. The
declaration and payment of future dividends (both timing and
amount) is subject to the determination of our Board of Trustees,
in its sole discretion, after considering various factors,
including our financial condition, historical and forecast
operating results, and available cash flow, as well as any
applicable laws and contractual covenants and any other relevant
factors. Our Board’s practice regarding declaration of dividends
may be modified at any time and from time to time. Additional
information on factors which could impact us, and the
forward-looking statements contained herein are included in our
filings with the Securities and Exchange Commission, including our
Form 10-K for the year ended December 31, 2023. We assume no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events except as required by
law.
Company / Investor Contact:Tom WirthEVP &
CFO610-832-7434 tom.wirth@bdnreit.com
Brandywine Realty (NYSE:BDN)
過去 株価チャート
から 5 2024 まで 6 2024
Brandywine Realty (NYSE:BDN)
過去 株価チャート
から 6 2023 まで 6 2024