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Fitch Rates Brandywine's $325MM 4.95% Sr. Unsecured Notes 'BB+'

^{Published on 2011-03-31 13:30:28 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings has assigned a 'BB+' credit rating to the $325 million of 4.95% senior unsecured guaranteed notes due April 15, 2018 that will be issued by Brandywine Operating Partnership LP, the operating partnership of Brandywine Realty Trust (NYSE: BDN). The notes are being offered to investors at a price of 98.907% with a yield to maturity of 5.137%. The net proceeds of the offering are expected to be approximately $318.9 million and are expected to be used to repay existing indebtedness under the company's unsecured revolving credit facility and for general corporate purposes. The sale of the notes is expected to close on April 5, 2011.

Brandywine's Issuer Default Rating (IDR) is 'BB+'. The Rating Outlook is Stable.

For additional information, please refer to Fitch's full rating report, 'Brandywine Realty Trust (Brandywine Operating Partnership, L.P.),' dated Oct. 21, 2010.

Additional information is available at '[ www.fitchratings.com ]'.

Applicable Criteria and Related Research:

--Criteria for Rating U.S. Equity REITs and REOCs, March 15, 2011;

--Corporate Rating Methodology, Aug. 16, 2010;

--Equity Credit for Hybrids & Other Capital Securities - Amended, Dec. 29, 2009;

--Rating Hybrid Securities, Dec. 29, 2009;

--Recovery Rating and Notching Criteria for REITs, Dec. 23, 2009.

Applicable Criteria and Related Research:

Criteria for Rating U.S. Equity REITs and REOCs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=610687 ]

Corporate Rating Methodology

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=546646 ]

Equity Credit for Hybrids & Other Capital Securities - Amended

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493112 ]

Rating Hybrid Securities

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493086 ]

Recovery Rating and Notching Criteria for REITs

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=492828 ]

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