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Duke Realty plans to redeem all 6.6% series L cumulative preferreds
By Jennifer Chiou
New York, Nov. 12 – Duke Realty LP announced that it intends to use a portion of the net proceeds from its offering of $300 million of 3.75% 10-year senior notes to redeem all of its remaining 6.6% series L cumulative redeemable preferred shares.
Remaining proceeds, together with asset sale proceeds, will also be used to repay borrowings under the company’s revolving credit facility and to repay $250 million of its 7.375% senior notes due Feb. 15, 2015.
The preferreds will be redeemed at $250.00 per share plus accrued dividends.
Duke Realty said it additionally plans to fund a development pipeline.
The real estate investment trust is based in Indianapolis.
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