PRICING AGREEMENT
Exhibit 1.2
EXECUTION VERSION
PRICING AGREEMENT
July 28, 2014
Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Citigroup Global Markets Inc.
Ladies and Gentlemen:
Brandywine Realty Trust, a Maryland real estate investment trust (the Company), and Brandywine Operating Partnership, L.P., a Delaware limited partnership and subsidiary of the Company (the Operating Partnership), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated July 28, 2014 (the Underwriting Agreement), among the Company, the Operating Partnership and you for the Company to issue and sell to the Underwriters named in Schedule I hereto (the Underwriters) the common shares of beneficial interests of the Company specified in Schedule I hereto (the Designated Shares, consisting of Firm Shares and any Optional Shares the Underwriters may elect to purchase). Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein, and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty which refers to the Preliminary Prospectus and the Prospectus in Section 2 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Preliminary Prospectus and the Prospectus, and also a representation and warranty as of the date of this Pricing Agreement in relation to the Preliminary Prospectus and the Prospectus relating to the Designated Shares which are the subject of this Pricing Agreement. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.
The Prospectus, relating to the Designated Shares, in the form of the draft heretofore delivered to you, is now proposed to be filed with the Commission.
Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, (a) the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule I hereto, the number of Firm Shares set forth in Schedule I hereto and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares, as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees to purchase from the Company at the purchase price to the Underwriters set forth in Schedule I hereto that portion of the number of Optional Shares as to which such election shall have been exercise. The Company hereby grants to each of the
Underwriters the right to purchase, from time to time, at its election up to the number of Optional Shares set forth in Schedule I hereto on the terms referred to in the paragraph above. Any such election to purchase Optional Shares may be exercised by written notice from the Underwriters to the Company given within a period of 30 calendar days after the date of this Pricing Agreement, setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by the Underwriters, but in no event earlier than the First Time of Delivery or, unless the Underwriters and the Company otherwise agree in writing, no earlier than two or later than ten business days after the date of such notice.
If the foregoing is in accordance with your understanding, please sign and return to us four counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement among the Company, the Operating Partnership and the Underwriters.
2
Very truly yours, | ||||
BRANDYWINE REALTY TRUST | ||||
BAM | By: | /s/ Gerard H. Sweeney | ||
Name: | ||||
Title: | ||||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||
By: Brandywine Realty Trust, its General Partner | ||||
By: | /s/ Gerard H. Sweeney | |||
Name: | ||||
Title: |
[Signature Page to Pricing Agreement]
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | ||
By: | /s/ B C Porter | |
Name: | Chris Porter | |
Title: | Managing Director | |
CITIGROUP GLOBAL MARKETS INC. | ||
By: |
| |
Name: | ||
Title: |
[Signature Page to Pricing Agreement]
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | ||
By: |
| |
Name: | ||
Title: | ||
CITIGROUP GLOBAL MARKETS INC. | ||
By: | /s/ David Sedelnick | |
Name: | DAVID SEDELNICK | |
Title: | VICE PRESIDENT |
[Signature Page to Pricing Agreement]
SCHEDULE I
Title of Designated Shares: Common Shares, par value $0.01 per share
Number of Designated Shares:
Number of Firm Shares: 19,000,000
Maximum Number of Optional Shares: 2,850,000
Initial Offering Price to Public: As to each investor, the price paid by such investor.
Purchase Price by Underwriters: $15.35 per share
Time of Sale: 7:00 p.m. EST on July 28, 2014
Underwriter | Number of Shares | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated | 9,500,000 | |||
Citigroup Global Markets Inc. | 9,500,000 | |||
|
| |||
Total | 19,000,000 | |||
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Form of Designated Shares: Definitive form to be made available for checking by the Underwriters at least twenty-four hours prior to the Time of Delivery at the office of The Depository Trust Company or its designated custodian.
Clear Market Period (Section 5(e) of the Underwriting Agreement): From date hereof through September 11, 2014.
Specified Funds for Payment of Purchase Price: Federal or other same day funds
Time of Delivery: 9:30 a.m. (New York City time), August 1, 2014
Closing Location: | Simpson Thacher & Bartlett LLP | |
425 Lexington Avenue New York, New York 10017 |
SCHEDULE I-1
Names and Addresses of Underwriters: | Merrill Lynch, Pierce, Fenner & Smith | |
Incorporated | ||
One Bryant Park | ||
New York, NY 10036 | ||
Citigroup Global Markets Inc. | ||
388 Greenwich Street | ||
New York, NY 10013 | ||
Addresses for Notices, etc.: | Merrill Lynch, Pierce, Fenner & Smith | |
Incorporated | ||
One Bryant Park | ||
New York, NY 10036 | ||
Attention: Syndicate Department | ||
with a copy to: | ||
Facsimile: (212) 230-8730 | ||
Attention: ECM Legal | ||
Citigroup Global Markets Inc. | ||
General Counsel (fax no.: (212) 816 7912) | ||
and confirmed to the General Counsel, | ||
Citigroup Global Markets Inc., at | ||
388 Greenwich Street | ||
New York, NY 10013 | ||
Attention: General Counsel | ||
Underwriters Counsel: | Simpson Thacher & Bartlett LLP | |
Additional Terms and Conditions: | None |
SCHEDULE I-2
SCHEDULE II
Specified Free Writing Prospectus
None.
SCHEDULE II-1
SCHEDULE III
Specified Joint Venture Subsidiaries
Four Tower Bridge Associates
Seven Tower Bridge Associates
1000 Chesterbrook Boulevard
PJP Building Two, LC
PJP Building Five, LC
PJP Building Six, LC
PJP Building Seven, LC
Broadmoor Austin Associates
Residence Inn Tower Bridge
G&I Interchange Office LLC (DRA)
Invesco, L.P.
Coppell Associates
One Commerce Square *
Two Commerce Square *
Brandywine AI Venture, LLC
Brandywine 1919 Ventures
TB BDN Plymouth Apartments Holdings GP, LLC
HSRE Campus Crest IX, LLC
4040 Wilson LLC
DRA (G&I) Austin
Wood Oak LLC
* | The Company increased its equity ownership in this partnership to 99% as previously disclosed in its filings with the Commission. |
SCHEDULE III-1