PHILADELPHIA, PA — Brandywine Realty Trust (NYSE: BDN) this week announced that its operating partnership, Brandywine Operating Partnership, L.P. has closed its previously announced underwritten public offering of $350 million of its 7.550% guaranteed notes due 2028.
The Operating Partnership intends to use the net proceeds of the offering to repurchase or redeem the $350 million outstanding principal amount of its 3.95% Guaranteed Notes due February 15, 2023, and for general corporate purposes, which may include the repayment, repurchase or other retirement of other indebtedness.
The offering of the Notes was 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. The Company declared that its announcement does 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.
During the fourth quarter of 2022, the Company sold one office property in suburban Philadelphia and its ownership interest in a mixed-use property in Philadelphia for an aggregate sales price of approximately $113.6 million. The sales generated an estimated gain totaling $35.0 million, or $0.20 per share, that will be recorded in the fourth quarter and which is not currently included in the Company’s net income guidance.
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