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
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Issue: | Senior notes
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Amount: | $300 million
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Maturity: | Oct. 15, 2022
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Bookrunners: | Barclays, Morgan Stanley & Co. LLC, UBS Investment Bank Inc., Wells Fargo Securities LLC
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Co-managers: | Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc.
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Coupon: | 3.875%
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Price: | 99.584
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Yield: | 3.925%
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Spread: | Treasuries plus 205 bps
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Call: | Make-whole call at Treasuries plus 35 bps
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Distribution: | SEC registered
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Trade date: | Sept. 14
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Settlement date: | Sept. 19
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB-
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