Duke Realty earmarks offering proceeds for revolver repayment

By Jennifer Chiou

New York, Nov. 12 – Duke Realty LP announced that it intends to use a portion of the net proceeds from its offering of $300 million of 3.75% 10-year senior notes, along with asset sale proceeds, to repay borrowings under its revolving credit facility.

The company also plans to use proceeds to repay $250 million of its 7.375% senior notes due Feb. 15, 2015 and to redeem all of the remaining 6.6% series L cumulative redeemable preferred shares.

Duke Realty said it additionally plans to fund a development pipeline.

The real estate investment trust is based in Indianapolis.

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