Published on 2/11/2020 in the Prospect News Investment Grade Daily.
New Issue: Duke Realty prices $325 million 3.05% notes due 2050 at 112 bps spread
By Cristal Cody
Tupelo, Miss., Feb. 11 – Duke Realty LP priced an upsized $325 million of 3.05% senior notes due March 1, 2050 at a spread of Treasuries plus 112 basis points on Tuesday, according to a market source and an FWP filed with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 140 bps area.
The notes (Baa1/BBB+) were sold at 97.345 to yield 3.188%.
The deal was upsized from $300 million.
Bookrunners were Wells Fargo Securities LLC, Barclays, RBC Capital Markets, LLC, UBS Securities LLC, Regions Securities LLC and Scotia Capital (USA) Inc.
Proceeds will be used to redeem all $300 million of the company’s 4.375% senior notes due June 15, 2022 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: | $325 million
|
| Description: | Senior notes
|
| Maturity: | March 1, 2050
|
| Bookrunners: | Wells Fargo Securities LLC, Barclays, RBC Capital Markets, LLC, UBS Securities LLC, Regions Securities LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Samuel A. Ramirez & Co., Inc., SunTrust Robinson Humphrey, Inc. and U.S. Bancorp Investments, Inc.
|
| Coupon: | 3.05%
|
| Price: | 97.345
|
| Yield: | 3.188%
|
| Spread: | Treasuries plus 112 bps
|
| Call feature: | Make-whole call before Sept. 1, 2049 at Treasuries plus 20 bps
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 21
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 140 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
