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Duke Realty prices $450M debt offering

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Duke Realty prices $450M debt offering

The operating partnership of industrial real estate investment trust Duke Realty Corp. priced an underwritten public offering of $450 million of its 4.00% senior unsecured notes due Sept. 15, 2028, at 98.926% of the notes' face amount, to yield 4.132% to maturity.

Duke Realty LP plans to use the net proceeds to repay $224 million of secured debt, to fund development, to repay borrowings under its revolving credit facility and for general corporate purposes.

Wells Fargo Securities LLC, Barclays Capital Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC, UBS Securities LLC, Regions Securities LLC and Scotia Capital (USA) Inc. were the joint book-running managers.

BB&T Capital Markets, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Samuel A. Ramirez & Co. Inc., SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc. were the co-managers for the offering, which is expected to close Sept. 11.