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Duke Realty refinances $1.2B revolver

Duke Realty Corp.'s operating partnership amended its $1.2 billion unsecured revolving credit facility. Among other things, it extended the maturity date to January 2022 from January 2019.

The new facility, which has two six-month extension options, includes an uncommitted incremental facility that could expand the total borrowing capacity to as much as $2.0 billion.

Borrowings under the new facility will bear interest at the annual rate of the London Interbank Offered Rate plus 0.875%, subject to an adjustment based on the company's credit rating. All 15 incumbent banks remained in the facility.

JPMorgan Chase Bank NA and Wells Fargo Securities LLC were the joint lead arrangers and joint book runners, with JPMorgan Chase as administrative agent and Wells Fargo Bank NA as syndication agent.

The Bank of Nova Scotia and Regions Capital Markets were the joint lead arrangers and documentation agents. Other documentation agents included Barclays Bank PLC, Citibank NA, Morgan Stanley Senior Funding Inc., PNC Bank, Royal Bank of Canada, SunTrust Bank, UBS AG Stamford Branch and U.S. Bank NA. Associated Bank NA, Branch Banking & Trust Co. and The Northern Trust Co. were the other participating lenders.