Source: Duke Realty Corporation
INDIANAPOLIS, Oct. 11, 2017 (GLOBE NEWSWIRE) -- DUKE REALTY CORPORATION (NYSE:DRE), a leading industrial property REIT included in the S&P 500 Index, announced today that its operating partnership, Duke Realty Limited Partnership, amended and restated its $1.2 billion unsecured revolving credit facility which was set to mature in January 2019. The amended and restated credit facility matures January 2022, allows two six-month extensions, and includes an uncommitted incremental facility, which allows the credit facility to be increased by up to $800,000,000 through the addition of revolving credit commitments or term loan commitments for an aggregate credit facility of up to $2.0 billion. Borrowings under the new facility will bear interest at the annual rate of LIBOR plus 0.875 percent (subject to a pricing grid for changes in the company’s credit rating) compared to a rate of LIBOR plus 0.925 percent (subject to a pricing grid for changes in the company’s credit rating) under its previous facility. Additionally, the facility was modified to more easily meet rating agency commercial paper back-stop requirements. All fifteen incumbent banks remained in the facility.
“This facility extends our maturity date by three years at lower borrowing rates and provides ample liquidity to our already strong balance sheet as we continue to grow our industrial portfolio,” said Mark Denien, Executive Vice President and Chief Financial Officer. “We are very pleased with the strong support from our incumbent banks and would like to thank them for their continued support.”
JPMorgan Chase Bank, N.A. and Wells Fargo Securities, LLC were the Joint Lead Arrangers and Joint Book Runners, with JPMorgan Chase Bank, N.A. as Administrative Agent, and Wells Fargo Bank, National Association as Syndication Agent. The Bank of Nova Scotia and Regions Capital Markets, A Division of Regions Bank were Joint Lead Arrangers and Documentation Agents. Barclays Bank PLC; Citibank N.A.; Morgan Stanley Senior Funding, Inc.; PNC Bank; Royal Bank of Canada; SunTrust Bank; and UBS AG, Stamford Branch, U.S. Bank National Association were Documentation Agents.
Other lenders participating on the unsecured revolving credit facility include Associated Bank, N.A, Branch Banking and Trust Company (BB&T), and The Northern Trust Company.
About Duke Realty Corporation
Duke Realty owns and operates more than 138 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is included in the S&P 500 Index. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty is available at www.dukerealty.com.