PHILADELPHIA-Two suburban public companies raise funds through offerings of senior notes. Plymouth Meeting-based Brandywine Realty Trust entered into an underwriting agreement to sell $525-million unsecured notes. In an unrelated transaction, the initial purchaser of $435 million in convertible senior notes of Jenkintown-based American Financial Realty Trust exercised the option to buy $15 million more.

The Brandywine offering includes $275 million of 4.5% unsecured notes due Nov. 1, 2009 and $250 million of 5.4% notes due Nov. 1, 2014. Brandywine guarantees the notes, and interest will be payable semi-annually on May 1 and Nov. 1, beginning on May 1, 2005. Settlement of the offering is scheduled for Friday, Oct. 22.

All securities in the Brandywine offering are rated Baa3 by Moody’s and BBB- by Standard & Poor’s and Fitch. Joint book-running managers are JP Morgan Securities and Bear, Stearns & Co. Citigroup Global Markets is senior co-manager of the 2014 notes, and Bank of America Securities, Piper Jaffray & Co., and SunTrust Capital Markets are co-managers. Five firms are co-managers of the 2009 notes. They are Wachovia Capital Markets, BNY Capital Markets, PNC Capital Markets, Key Bank Capital Markets, and Wells Fargo Brokerage Services. Brandywine will use net proceeds to repay debt.

The initial purchaser to two offerings of AFR’s 4.375% convertible senior notes due in 2024 exercised the option of buying $15 million more of the notes, raising the total issuance of this series to $450 million. The first offering of $300 million in notes was completed on July 9, and the sale of an additional $135 million was executed on Oct. 1. The newest additional offering will close on Thursday, Oct. 21.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.