PHILADELPHIA, PA — Brandywine Realty Trust (NYSE: BDN) has successfully concluded an underwritten public offering of $400 million in guaranteed notes, carrying an interest rate of 8.875% and maturing in 2029. This financial move was orchestrated by its operating entity, Brandywine Operating Partnership, L.P.
The real estate investment trust (REIT) outlined that the net proceeds from this offering are earmarked for the repurchase or redemption of its existing 4.10% Guaranteed Notes, which are due on October 1, 2024, and hold an outstanding principal amount of $335.1 million. Any remaining funds will be allocated towards general corporate purposes. These may include the repayment, repurchase, or retirement of additional debts.
This strategic financial maneuver is part of Brandywine Realty Trust’s broader effort to manage its debt profile effectively and maintain financial flexibility. By refinancing existing obligations with new notes at a higher interest rate, the company aims to extend its debt maturities and shore up its balance sheet.
The notes were offered through an effective shelf registration statement, alongside a related prospectus and a preliminary prospectus supplement, all of which were filed with the Securities and Exchange Commission (SEC). The offering underscores Brandywine Realty Trust’s proactive approach to capital management and its commitment to sustaining operational and financial stability.
It’s important to note that the Conacta has declared that its announcement, made on Friday, does not constitute an offer to sell or a solicitation of an offer to buy any securities. Additionally, the sale of these securities will not proceed in any jurisdiction where such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
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