2013-03-16 03:31:45 -
(Indianapolis, March 15, 2013) - Duke Realty Corporation (NYSE: DRE), a leading
industrial, office and medical office REIT, announced today that its operating
partnership, Duke Realty Limited Partnership (the "Operating Partnership"), has
closed on its previously announced public offering of $250 million aggregate
principal amount of senior unsecured notes due 2023. The Operating Partnership
intends to use the net proceeds to repay outstanding indebtedness with near-term
maturities and for other general corporate purposes.
"We are extremely pleased with the execution of the offering as it will allow us
to refinance near term maturities at a significantly lower cost and extend our
debt maturities ladder. The order book had over $1.3 billion of demand and the
coupon represents
the lowest in our company's history for a bond with a 10 year
term," said Christie Kelly, Executive Vice President and Chief Financial
Officer, "We'd also like to extend a sincere thank you to our broad base of
fixed income investors."
Barclays Capital Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and
Wells Fargo Securities, LLC, acted as joint book-running managers. Credit
Suisse Securities (USA) LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc.,
Regions Securities LLC, SunTrust Robinson Humphrey, Inc. and U.S. Bancorp
Investments, Inc. acted as co-managers.
This news release does not constitute an offer to sell or the solicitation of an
offer to buy any securities in any jurisdiction to any person to whom it is
unlawful to make such offer or solicitation in such jurisdiction.
About Duke Realty Corporation
Duke Realty Corporation owns and operates more than 145.6 million rentable
square feet of industrial and office space in 18 U.S. cities. Duke Realty
Corporation is publicly traded on the NYSE under the symbol DRE and is listed on
the S&P MidCap 400 Index. Duke Realty Corporation maintains a website at
www.dukerealty.com.
Cautionary Notice Regarding Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of
the federal securities laws. All statements, other than statements of historical
facts, including, among others, statements regarding the company's current views
and estimates of future financial position or results, future dividends,
offering results, use of proceeds and future performance, are forward-looking
statements. Those statements include statements regarding the intent, belief or
current expectations of the company, members of its management team, as well as
the assumptions on which such statements are based, and generally are identified
by the use of words such as "may," "will," "seeks,"
"anticipates," "believes,"
"estimates," "expects," "plans," "intends,"
"should," or similar expressions.
Forward-looking statements are not guarantees of future performance and involve
risks and uncertainties that actual results may differ materially from those
contemplated by such forward-looking statements. Many of these factors are
beyond the company's abilities to control or predict. Such factors include, but
are not limited to, (i) general adverse economic and local real estate
conditions; (ii) the inability of major tenants to continue paying their rent
obligations due to bankruptcy, insolvency or a general downturn in their
business; (iii) financing risks, such as the inability to obtain equity, debt or
other sources of financing or refinancing on favorable terms, if at all;
(iv) the company's ability to raise capital by selling its assets; (v) changes
in governmental laws and regulations; (vi) the level and volatility of interest
rates and foreign currency exchange rates; (vii) valuation of joint venture
investments, (viii) valuation of marketable securities and other investments;
(ix) valuation of real estate; (x) increases in operating costs; (xi) changes in
the dividend policy for the company's common stock; (xii) the reduction in the
company's income in the event of multiple lease terminations by tenants;
(xiii) impairment charges, (xiv) the effects of geopolitical instability and
risks such as terrorist attacks; (xv) the effects of weather and natural
disasters such as floods, droughts, wind, tornados and hurricanes; and (xvi) the
effect of any damage to our reputation resulting from developments relating to
any of items (i) - (ix). Additional information concerning factors that could
cause actual results to differ materially from those forward-looking statements
is contained from time to time in the company's filings with the Securities and
Exchange Commission. The company refers you to the section entitled "Risk
Factors" contained in the company's Annual Report on Form 10-K for the year
ended December 31, 2012. Copies of each filing may be obtained from the company
or the Securities and Exchange Commission.
The risks included here are not exhaustive and undue reliance should not be
placed on any forward-looking statements, which are based on current
expectations. All written and oral forward-looking statements attributable to
the company, its management, or persons acting on their behalf are qualified in
their entirety by these cautionary statements. Further, forward-looking
statements speak only as of the date they are made, and the company undertakes
no obligation to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operating results over time unless otherwise required by law.
Contact Information:
Ron Hubbard
VP, Investor Relations
317.808.6060
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Duke Realty Corporation via Thomson Reuters ONE
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