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Duke gets tenders for $203.75 million of 5.625%, 6.25% notes so far
By Angela McDaniels
Tacoma, Wash., April 7 - Duke Realty Corp. said holders had tendered $203,745,000 principal amount of notes as of 5 p.m. ET on April 6 in Duke Realty LP's tender offer for its 5.625% senior notes due 2011 and 6.25% senior notes due 2013.
Holders tendered $95,744,000 of the $218,347,000 principal amount outstanding of 5.625% notes and $108,001,000 of the $325 million principal amount outstanding of 6.25% notes.
The operating partnership began two tender offers on March 25.
In the first offer, it offered to buy any and all of its $108,873,000 6.95% senior notes due 2011. Holders tendered $66.35 million of notes in that offer, which expired on March 31.
In a separate offer, the company will purchase the maximum principal amount of its 5.625% notes and 6.25% notes that it can purchase for $250 million less the amount spent to purchase the 6.95% notes, in both cases excluding accrued interest.
The amount available for the second offer is $180,001,805.
The 5.625% notes and 6.25% notes are listed in order of acceptance priority level, and the purchase of the 6.25% notes has a separate cap of $50 million.
Because the caps have been exceeded, the notes will be subject to proration.
For each $1,000 principal amount, Duke will pay $1,047.50 for the 5.625% notes and $1,067.50 for the 6.25% notes. These payouts include a $30.00 premium for notes tendered by 5 p.m. ET on April 6, the early tender date.
Duke paid $1,055 for each $1,000 principal amount of the 6.95% notes.
Holders also will receive accrued interest to the settlement date, which is expected to be one business day following the tender deadline.
The tender offer will end at 11:59 p.m. ET on April 20.
Wells Fargo Securities (866 309-6316 or collect 704 715-8341) is the dealer manager. D.F. King & Co., Inc. (800 848-3416 or collect 212 269-5550) is the information agent.
Duke is an industrial, office and retail properties company based in Indianapolis.
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