Duke Realty gets $1.2 billion restated revolver at Libor plus 77.5 bps

By Wendy Van Sickle

Columbus, Ohio, March 29 – Duke Realty Corp. amended and restated its $1.2 billion unsecured revolving credit facility, extending its maturity to March 31, 2025, according to an 8-K filing with the Securities and Exchange Commission.

The company has two six-month extension options.

An accordion feature allows the facility to be increased by up to $800 million.

Borrowings bear interest at Libor plus 77.5 basis points, which is subject to change based on a pricing grid.

The facility is also subject to incremental reductions in borrowing costs if certain sustainability metrics are achieved each year.

Proceeds would be used for general corporate purposes.

JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC are the bookrunners and the joint lead arrangers along with Bank of Nova Scotia and Regions Capital Markets. JPMorgan is administrative agent; Wells Fargo Bank, NA is syndication agent. Bank of Nova Scotia, Barclays Bank plc, Citibank NA, Morgan Stanley Senior Funding, Inc., PNC Bank, NA, Regions Bank, Royal Bank of Canada, Truist Bank and U.S. Bank NA are documentation agents.

Based in Indianapolis, Duke Realty owns and operates industrial and office space.

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