Duke Realty Limited Partnership - the operating partnership
Duke Realty Corp. (
a real estate investment trust (REIT), has recently priced an
underwritten public offering of $300 million worth of 3.875% senior
unsecured notes. The notes are scheduled to mature in October 2022
and are priced at 99.584% of their par value to yield 3.925% to
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The net proceeds from the offering are expected to be utilized by
the operating partnership to repay debt including all or a portion
of outstanding borrowings under the existing revolving credit
facility and for other general corporate purposes.
Barclays Capital Inc., part of
Barclays PLC (
Morgan Stanley & Co. LLC, part of
Morgan Stanley (
UBS Securities, LLC part of
UBS AG (
and Wells Fargo Securities, LLC,
part of Wells Fargo & Company (
acted as joint book-running managers for the debt offering.
At the end of second quarter 2012, Duke Realty had nearly $107
million of cash with no balance on its line of credit. The company
maintains a balanced and flexible balance sheet with ample
liquidity and minimal debt maturities that enable it to capitalize
on potential acquisition opportunities to fuel its top-line growth.
Duke Realty is one of the largest commercial real estate companies
in the U.S., operating as a fully integrated owner, manager, and
developer of industrial, office, and healthcare properties. For
over 35 years, the company has leveraged its local presence and its
integrated platform to drive returns, and has established itself as
a premier publicly traded real estate developer in the country.
Duke Realty currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. We also maintain our long-term
Neutral recommendation on the stock.