Liberty Property may partially repay credit facility via note offering

By Tali Rackner

Norfolk, Va., Sept. 13 – Liberty Property LP may repay borrowings under its $800 million credit facility due March 26, 2018 with proceeds of a new senior note offering, according to a 424B2 filing with the Securities and Exchange Commission.

As of Sept. 12, there was $482 million outstanding under the facility and interest on borrowings was Libor plus 155 basis points.

The company will first use proceeds to fund the early redemption of its $300 million 5.5% senior notes due Dec. 15, 2016. Any remaining proceeds will be used for working capital and general corporate purposes, including the credit facility repayment.

The real estate investment trust for industrial and office properties is based in Malvern, Pa.

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