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Duke Realty tenders for six series of notes in two separate offers
By Jennifer Chiou
New York, Aug. 31 - Duke Realty Corp. announced the start of cash tender offers for six series of its notes.
In the first offer, the company is tendering for any and all of its $121.44 million of 7.75% senior notes due 2009 and any and all of its $157,728,000 of 5.25% senior notes due 2010.
For each $1,000 principal amount, the company will pay $1,010.55 for the 7.75% notes and $1,012.50 for the 5.25% notes.
In a concurrent offer, Duke Realty is tendering for up to $50 million total of the following notes series, which are listed in order of acceptance priority level:
• $156,815,000 of 6.95% senior notes due 2011;
• $218,437,000 of 5.625% senior notes due 2011;
• $150 million of 5.875% senior notes due 2012; and
• $50 million of 5.45% senior notes due 2012.
For each $1,000 principal amount, the company will pay $1,042.50 for the 6.95% notes, $1,028.75 for the 5.625% notes, $1,027.50 for the 5.875% notes and $1,013.75 for the 5.45% notes. These payouts include a $30.00 payment for those who tender prior to the early deadline.
Duke will also pay accrued interest.
The any and all offer will end at 5 p.m. ET on Sept. 11 while the maximum offer is set to expire at 11:59 p.m. ET on Sept. 28.
The early tender date for the maximum offer is 5 p.m. ET on Sept. 14.
The company said it expects to use cash on hand and available borrowings under its revolving credit facilities, as well as proceeds from asset sales and retained cash flow from operations, for the offers.
D.F. King & Co., Inc. is the information agent (800 848-3416 or call collect 212 269-5550). Wells Fargo Securities is the dealer manager (866 309-6316 or 704 715-8341).
Duke is an industrial, office and retail properties company based in Indianapolis.
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