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Duke Realty gets tenders for 60.94% of 6.95% notes, 43.88% of 5.625% notes, 33.24% of 6.25% notes
By Jennifer Chiou
New York, April 21 - Duke Realty Corp. announced the results of the cash tender offers for three series of notes of its operating partnership Duke Realty LP.
The any and all tender offer expired at 5 p.m. ET on March 31 while the maximum tender offer ended at 11:59 p.m. ET on April 20.
Duke Realty obtained and accepted tenders for $66,349,000, or 60.94%, of notes in the tender for any and all of its $108,873,000 6.95% senior notes due 2011.
In a separate maximum offer, the company received tenders for $95,816,000, or 43.88%, of its $218,347,000 of 5.625% senior notes due 2011 and tenders for $108,023,000, or 33.24%, of its $325 million 6.25% senior notes due 2013. The 5.625% notes and 6.25% notes are listed in order of priority acceptance level.
The maximum amount of notes that could be purchased in the second offer was $250 million less the amount spent to purchase the 6.95% notes, in both cases excluding accrued interest, and the purchase of the 6.25% notes had a separate cap of $50 million.
That said, all tendered 5.625% notes were accepted, and $50 million of the tendered 6.25% notes was accepted on a pro rata basis.
The company could have increased the caps at its discretion.
For each $1,000 principal amount, Duke paid $1,055 for the 6.95% notes, $1,047.50 for the 5.625% notes and $1,067.50 for the 6.25% notes.
The total payouts for the notes in the maximum tender offer included a $30.00 premium for notes tendered by 5 p.m. ET on April 6, the early tender date.
Holders also received accrued interest to the settlement date, which was expected to be one business day following the tender deadline.
D.F. King & Co., Inc. (800 848-3416 or collect 212 269-5550) was the information agent. Wells Fargo Securities (866 309-6316 or collect 704 715-8341) was the dealer manager.
Duke is an industrial, office and retail properties company based in Indianapolis.
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