Brandywine Realty Trust (BDN), the sole general partner of Brandywine Operating Partnership, L.P., announced that it has increased its underwritten public offering from 10.00 million to 11.00 million common shares and has priced it for expected gross proceeds of $161.70 million before underwriting discounts and commissions and estimated offering expenses payable by the company.
The company has also granted the underwriters a 30-day option to purchase up to 1.65 million additional common shares. The offering is expected to close on or about April 10, 2013, subject to customary closing conditions.
BofA Merrill Lynch and Citigroup are acting as the joint book-running managers for the offering and propose to offer the shares at prevailing market prices or otherwise from time to time through the NYSE, the over-the-counter market, negotiated transactions or otherwise.
The company stated that it intends to contribute the net proceeds of this offering to the Operating Partnership in exchange for partnership units of the Operating Partnership. The Operating Partnership intends to use the net proceeds for working capital, capital expenditures and other general corporate purposes, which may include acquisitions, developments and repayment, repurchase and refinancing of debt.
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