DCT Industrial plans add-on offering of 4.5% senior notes due 2023

By Devika Patel

Knoxville, Tenn., March 13 – DCT Industrial Operating Partnership LP is eyeing a sale of additional 4.5% senior notes due Oct. 15, 2023, according to a 424B5 filed with the Securities and Exchange Commission.

The company sold $275 million of the notes in a sale that priced on Oct. 2, 2013 and settled on Oct. 9, 2013.

The 2013 notes were issued at 99.038 to yield 4.621% with a spread of 200 bps over Treasuries.

The notes have a make-whole call at Treasuries plus 30 basis points until 90 days prior to maturity and then are callable at par.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds are expected to be used to repay debt under the company’s unsecured revolving credit facility and for general corporate purposes.

Denver-based DCT Industrial Trust is a real estate investment trust.

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