Published on 8/13/2019 in the Prospect News Investment Grade Daily.
New Issue: Duke Realty prices $175 million tap of 3.375% notes due 2027 at 112.5 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 13 – Duke Realty LP priced a $175 million add-on to its 3.375% senior notes due Dec. 15, 2027 (Baa1/BBB+) on Tuesday at 104.162 to yield 2.796%, according to an FWP filed with the Securities and Exchange Commission.
The bonds priced with a spread of Treasuries plus 112.5 basis points.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC were the bookrunners.
The company originally sold $300 million of the bonds on Dec. 5, 2017 at 99.848 to yield 3.393% and a spread of Treasuries plus 103 bps. The total outstanding is $475 million.
Proceeds will be used to repay debt under the company’s unsecured senior line of credit and for general corporate purposes.
Duke Realty is the operating partnership of Indianapolis-based Duke Realty Corp., which owns and operates industrial and health care properties.
| Issuer: | Duke Realty LP
|
| Amount: | $175 million reopening
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2027
|
| Bookrunners: | J.P. Morgan Securities LLC, Citigroup Global Markets Inc., U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC
|
| Co-managers: | Barclays, PNC Capital Markets LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, Regions Securities LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., UBS Securities LLC, BB&T Capital Markets and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 3.375%
|
| Price: | 104.162
|
| Yield: | 2.796%
|
| Spread: | Treasuries plus 112.5 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Sept. 15, 2027
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Total outstanding: | $475 million, including $300 million of bonds priced Dec. 5, 2017 at 99.848 to yield 3.393% and a spread of Treasuries plus 103 bps
|
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