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Liberty Property plans to repay loan borrowings with note proceeds
By Jennifer Chiou
New York, March 17 – Liberty Property LP intends to use partial net proceeds from its planned offering of senior notes due 2025 for the repayment of borrowings under its $800 million credit facility due March 26, 2018, according to a 424B2 filed with the Securities Exchange Commission.
Remaining proceeds are earmarked for working capital and general corporate purposes.
As of March 16, the interest rate on the credit facility was 1.194% and $465 million was outstanding.
In comparison, the company noted that the interest rate for the $167 million of borrowings then outstanding under the credit facility was Libor plus 105 basis points as of the end of 2014.
The real estate investment trust for industrial and office properties is based in Malvern, Pa.
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