By Andrea Heisinger
New York, March 25 - Duke Realty LP priced $250 million of 6.75% 10-year senior unsecured notes on Thursday to yield 287.5 basis points over Treasuries, a source who worked on the sale said.
The notes priced at the tight end of guidance in the 300 bps area, the source said. There was about $2 billion in demand on the books.
The notes (Baa2/BBB-/BBB) priced at 99.983 to yield 6.753%. They have a make-whole call at Treasuries plus 50 bps.
Bookrunners were J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Wells Fargo Securities. Joint lead managers were Barclays Capital Inc. and Credit Suisse Securities.
Co-managers were Morgan Keegan & Co., Scotia Capital and SunTrust Robinson Humphrey Inc.
Proceeds will be used to reduce debt and for other general corporate purposes.
The real estate investment trust is based in Indianapolis.
| Issuer: | Duke Realty LP
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2020
|
| Bookrunners: | J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Wells Fargo Securities
|
| Joint lead managers: | Barclays Capital Inc., Credit Suisse Securities
|
| Co-managers: | Morgan Keegan & Co., Scotia Capital, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 6.75%
|
| Price: | 99.983
|
| Yield: | 6.753%
|
| Spread: | Treasuries plus 287.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | March 25
|
| Settlement date: | April 1
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Price talk: | 300 bps area
|
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