Liberty Property to repay revolver borrowings with stock proceeds

By Wendy Van Sickle

Columbus, Ohio, Sept. 12 – Liberty Property Trust plans to repay borrowings under its revolving credit facilities with some proceeds of a sale of 8 million common shares for $447.9 million, according to a news release.

Liberty also plans to use proceeds to redeem its $350 million of 4.75% senior notes due October 2020 on Oct. 12.

Additional proceeds will be used for working capital and general corporate purposes.

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

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