Duke Realty Corp. said its operating partnership, Duke Realty LP, priced a $175 million offering of its 3.375% senior unsecured notes due Dec. 15, 2027, at 104.162% of par value, plus accrued interest, with a re-offer yield of 2.796%.
The industrial real estate investment trust said interest on the notes is payable semiannually every June 15 and Dec. 15, starting Dec. 15 of this year.
The REIT plans to use the net proceeds for repayment of borrowings under its unsecured senior line of credit and for general corporate purposes.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC were the joint book-running managers for the offering, slated to close Aug. 16.
Barclays Capital Inc., BB&T Capital Markets, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Regions Securities LLC, Samuel A. Ramirez & Co. Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc. and UBS Securities LLC were the co-managers.