Duke Realty Closes Refinancing of Revolving Credit Facility
October 11 2017 - 4:15PM
DUKE REALTY CORPORATION (NYSE:DRE), a leading industrial property
REIT included in the S&P 500 Index, announced today that its
operating partnership, Duke Realty Limited Partnership, amended and
restated its $1.2 billion unsecured revolving credit facility which
was set to mature in January 2019. The amended and restated
credit facility matures January 2022, allows two six-month
extensions, and includes an uncommitted incremental facility, which
allows the credit facility to be increased by up to $800,000,000
through the addition of revolving credit commitments or term loan
commitments for an aggregate credit facility of up to $2.0
billion. Borrowings under the new facility will bear
interest at the annual rate of LIBOR plus 0.875 percent (subject to
a pricing grid for changes in the company’s credit rating) compared
to a rate of LIBOR plus 0.925 percent (subject to a pricing grid
for changes in the company’s credit rating) under its previous
facility. Additionally, the facility was modified to more easily
meet rating agency commercial paper back-stop requirements.
All fifteen incumbent banks remained in the facility.
“This facility extends our maturity date by three years at lower
borrowing rates and provides ample liquidity to our already strong
balance sheet as we continue to grow our industrial portfolio,”
said Mark Denien, Executive Vice President and Chief Financial
Officer. “We are very pleased with the strong support from our
incumbent banks and would like to thank them for their continued
support.”
JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC were
the Joint Lead Arrangers and Joint Book Runners, with JPMorgan
Chase Bank, N.A. as Administrative Agent, and Wells Fargo Bank,
National Association as Syndication Agent. The Bank of Nova
Scotia and Regions Capital Markets, A Division of Regions Bank were
Joint Lead Arrangers and Documentation Agents. Barclays Bank PLC;
Citibank N.A.; Morgan Stanley Senior Funding, Inc.; PNC Bank; Royal
Bank of Canada; SunTrust Bank; and UBS AG, Stamford Branch, U.S.
Bank National Association were Documentation Agents.Other lenders
participating on the unsecured revolving credit facility include
Associated Bank, N.A, Branch Banking and Trust Company (BB&T),
and The Northern Trust Company.
About Duke Realty Corporation
Duke Realty owns and operates more than 138 million rentable
square feet of industrial assets in 21 key U.S. logistics markets.
Duke Realty is publicly traded on the NYSE under the symbol DRE and
is included in the S&P 500 Index. The company maintains a Baa1
rating from Moody’s Investor Service and a BBB+ rating from
Standard & Poor’s Financial Services. More information about
Duke Realty is available at www.dukerealty.com.
Contact Information:
Investors:Ron Hubbard317.808.6060
Media:Helen McCarthy317.708.8010
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