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Brandywine Realty Trust Announces Expiration of Tender Offer for Any and All of its Outstanding 4.10% Guaranteed Notes due 2024 With Approximately $221.6 Million Having Been Tendered
Brandywine Realty Trust announced the expiration of its cash tender offer for its outstanding 4.10% Guaranteed Notes due 2024, with approximately $221.6 million tendered. The company accepted all validly tendered notes, totaling 66.13% of the aggregate principal amount. The total consideration for the tender offer is $994.48 per $1,000 principal amount of notes, funded by the sale of $400 million in new guaranteed notes due 2029. Notes submitted via guaranteed delivery procedures will be purchased later. The operating partnership plans to retire 66.13% of the notes outstanding through the offer, with the remaining notes set for redemption on June 7, 2024.
Brandywine Realty Trust ha annunciato la scadenza della sua offerta pubblica di acquisto in contanti per le sue Note Garantite del 4,10% in scadenza nel 2024, con circa 221,6 milioni di dollari offerti. La società ha accettato tutte le note validamente presentate, che rappresentano il 66,13% dell'importo principale aggregato. Il corrispettivo totale per l'offerta di acquisto è di 994,48 dollari per ogni 1.000 dollari di valore nominale delle note, finanziato dalla vendita di 400 milioni di dollari in nuove note garantite in scadenza nel 2029. Le note presentate tramite procedure di consegna garantita saranno acquistate in seguito. La partnership operativa prevede di ritirare il 66,13% delle note in circolazione tramite l'offerta, con le rimanenti note destinate al rimborso il 7 giugno 2024.
Brandywine Realty Trust ha anunciado la expiración de su oferta pública de adquisición en efectivo para sus Notas Garantizadas del 4.10% con vencimiento en 2024, con aproximadamente $221.6 millones presentados. La compañía aceptó todas las notas válidamente entregadas, totalizando el 66.13% del monto principal agregado. La consideración total por la oferta de compra es de $994.48 por cada $1,000 del monto principal de las notas, financiada por la venta de $400 millones en nuevas notas garantizadas que vencen en 2029. Las notas presentadas mediante procedimientos de entrega garantizada se comprarán más adelante. La sociedad operativa tiene planes de retirar el 66.13% de las notas en circulación a través de la oferta, con las notas restantes programadas para el rescate el 7 de junio de 2024.
Brandywine Realty Trust는 2024년 만기 4.10% 보장 노트에 대한 현금 매수 제안이 만료되었음을 발표했습니다. 약 2억 2160만 달러가 제출되었으며, 회사는 제출된 노트 전체를 수락했으며, 이는 총 원금의 66.13%에 해당합니다. 입찰 제안에 대한 총 대가는 노트 1,000달러당 994.48달러이며, 이는 2029년 만기의 4억 달러 신규 보증 노트 판매로 조달되었습니다. 보증 배달 절차를 통해 제출된 노트는 나중에 구매될 예정입니다. 운영 파트너십은 제안을 통해 유통 중인 노트의 66.13%를 회수할 계획이며, 2024년 6월 7일에 나머지 노트는 상환될 예정입니다.
Brandywine Realty Trust a annoncé l'expiration de son offre publique d'achat au comptant pour ses Notes Garanties de 4,10% échéant en 2024, avec environ 221,6 millions de dollars soumissionnés. La compagnie a accepté toutes les notes valablement soumises, représentant 66,13% du montant principal total. La contrepartie totale pour l'offre d'achat est de 994,48 dollars pour 1 000 dollars de montant principal des notes, financée par la vente de 400 millions de dollars de nouvelles notes garanties échéant en 2029. Les notes soumises par des procédures de livraison garantie seront achetées ultérieurement. La société en commandite opérationnelle prévoit de retirer 66,13% des notes en circulation via l'offre, avec les notes restantes destinées au rachat le 7 juin 2024.
Brandywine Realty Trust gab das Ablaufen seines Bar-Übernahmeangebots für seine ausstehenden, garantierten Notizen mit 4,10% Zinsen, fällig 2024, bekannt, bei dem etwa 221,6 Millionen USD geboten wurden. Das Unternehmen akzeptierte alle gültig eingereichten Notizen, was 66,13% des gesamten Nennbetrags entspricht. Die Gesamtvergütung für das Übernahmeangebot beträgt 994,48 USD pro 1.000 USD Nennbetrag der Notizen, finanziert durch den Verkauf von 400 Millionen USD in neuen garantierten Notizen, fällig 2029. Notizen, eingereicht über garantierte Lieferverfahren, werden später gekauft. Die Betriebspartnerschaft plant, 66,13% der ausstehenden Notizen durch das Angebot zurückzuziehen, wobei die verbleibenden Notizen am 7. Juni 2024 eingelöst werden.
Positive
Approximately $221.6 million worth of 4.10% Guaranteed Notes due 2024 were tendered by Brandywine Realty Trust.
The company accepted all validly tendered notes, totaling 66.13% of the $335.1 million aggregate principal amount.
The total consideration for the tender offer is $994.48 per $1,000 principal amount of notes.
Funding for the tender offer comes from the sale of $400 million in new guaranteed notes due 2029.
Notes submitted via guaranteed delivery procedures will be purchased on the second business day post the settlement date.
The operating partnership plans to retire approximately 66.13% of the outstanding notes through the tender offer.
Remaining notes that have not been tendered will be redeemed by June 7, 2024.
Negative
None.
PHILADELPHIA, April 22, 2024 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (the “Company”) (NYSE:BDN) announced today the expiration of the previously announced cash tender offer (the “Tender Offer”) by its operating partnership, Brandywine Operating Partnership, LP (the “Operating Partnership”), for any and all of its outstanding 4.10% Guaranteed Notes due October 1, 2024 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on Friday, April 19, 2024 (the “Expiration Date”). As of the expiration of the Tender Offer, $221,601,000 or 66.13% of the $335,100,000 aggregate principal amount of the Notes had been validly tendered and not withdrawn in the Tender Offer (excluding $75,000 in aggregate principal amount of the Notes submitted pursuant to the guaranteed delivery procedures described in the Operating Partnership’s Offer to Purchase, dated April 15, 2024 (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery (together with the Offer to Purchase, the “Offer Documents”)). The Operating Partnership accepted for purchase all of the Notes validly tendered and delivered (and not validly withdrawn) in the Tender Offer at or prior to the Expiration Date. Payment for the Notes purchased pursuant to the Tender Offer is intended to be made on April 23, 2024 (the “Settlement Date”).
Certain information regarding the Notes is set forth in the table below.
Title of Security
CUSIP Number
Aggregate Principal Amount Outstanding
Aggregate Principal Amount Accepted for Purchase(1)
Percentage of Aggregate Principal Amount Outstanding(1)
4.10% Guaranteed Notes due October 1, 2024
105340 AN3
$335,100,000
$221,601,000
66.13%
(1) Not including any amount of Notes submitted pursuant to the guaranteed delivery procedures described in the Offer Documents.
The consideration to be paid under the Tender Offer will be $994.48 per $1,000 principal amount of Notes (the “Purchase Price”), plus accrued and unpaid interest to, but not including, the Settlement Date. The total Tender Offer consideration of $220,932,996.21 including the Purchase Price and accrued and unpaid interest (excluding consideration and accrued and unpaid interest for the Notes delivered pursuant to the Notice of Guaranteed Delivery) will be funded with net proceeds the Company received from the sale of $400,000,000 aggregate principal amount of its 8.875% Guaranteed Notes due 2029.
The Notes validly tendered by the Notice of Guaranteed Delivery and accepted for purchase are expected to be purchased on the second business day after the Settlement Date, but payment of accrued interest on such Notes will only be made to, but not including, the Settlement Date.
It is expected that the Operating Partnership will retire approximately 66.13% of the aggregate principal amount outstanding of the Notes pursuant to the Tender Offer (excluding Notes delivered pursuant to the Notice of Guaranteed Delivery).
The Tender Offer was made pursuant to the Offer to Purchase, the related Letter of Transmittal and Notice of Guaranteed Delivery. BofA Securities and Citigroup acted as Dealer Managers for the Tender Offer. This press release is neither an offer to purchase nor a solicitation to buy any of the Notes nor is it a solicitation for acceptance of the Tender Offer.
The Operating Partnership intends to redeem all of the Notes that have not been tendered in the Tender Offer and the expected redemption date will be June 7, 2024.
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 156 properties and 22.3 million square feet as of March 31, 2024, 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.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 (the “1995 Act”) provides a “safe harbor” for 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. We intend such forward-looking statements to be covered by the safe-harbor provisions of the 1995 Act. 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. Factors that might cause actual results to differ materially from our expectations are set forth in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, we caution readers not to place undue reliance on forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
