Brandywine Realty sets public-offering price

Brandywine Realty Trust said today that its public offering of 35 million common shares will be priced at $6.30 a share.

The Radnor-based real estate investment trust also said it has granted the underwriters a 30-day option to buy as many as 5.25 million additional common shares to cover overallotments, if any.

The company expects net proceeds, before the overallotment option is exercised, to be about $210.8 million.

Brandywine Realty says it will use the net proceeds to reduce debt under its $600 million unsecured revolving credit facility and for general corporate purposes.

The offering is expected to close on or about June 2, 2009.

Brandywine shares, which have traded in the $2.45 to $19.86 range in the last 52 weeks, were trading this afternoon at $6.80, up 15 cents (2.26 percent).