By Sheri Kasprzak
New York, Sept. 14 - Duke Realty LP came to market with $300 million of 10-year senior notes, according to a filing with the Securities and Exchange Commission.
The 3.875% notes (Baa2/BBB-/) priced at 99.584 to yield 3.925%, or Treasuries plus 205 basis points.
The notes feature a make-whole call at Treasuries plus 35 bps.
The joint bookrunners were Barclays, Morgan Stanley & Co. LLC, UBS Investment Bank Inc. and Wells Fargo Securities LLC.
The company intends to use the proceeds from the sale to repay outstanding debt with near-term maturities, including all or a portion of its outstanding borrowings under its existing revolving credit facility, as well as for general corporate purposes.
Duke, based in Indianapolis, is a self-managed real estate investment trust.
| Issuer: | Duke Realty LP
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 15, 2022
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC, UBS Investment Bank Inc., Wells Fargo Securities LLC
|
| Co-managers: | Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 3.875%
|
| Price: | 99.584
|
| Yield: | 3.925%
|
| Spread: | Treasuries plus 205 bps
|
| Call: | Make-whole call at Treasuries plus 35 bps
|
| Distribution: | SEC registered
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 19
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
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