Contact Information: Contact Information: Media: Jim Bremner 317.808.6920 jim.bremner@dukerealty.com Investors: Randy Henry 317.808.6060 randy.henry@dukerealty.com
Duke Realty Corporation Announces Completion of Tender Offer by Duke Realty Limited for Its 6.95% Senior Notes Due 2011
| Source: Duke Realty Corporation
INDIANAPOLIS, IN--(Marketwire - September 29, 2009) - Duke Realty Corporation (NYSE : DRE ), a
leading industrial and office property REIT, announced today that its
operating partnership, Duke Realty Limited Partnership (the "Operating
Partnership") has completed the purchase of approximately $47.9 million of
its 6.95% Senior Notes due 2011 (the "Notes") which were validly tendered
pursuant to its previously announced cash tender offer for the Notes (the
"Tender Offer"). The Notes accepted for purchase will be cancelled and
represent approximately 30.6% of the $156.8 million principal amount of the
Notes outstanding prior to the Tender Offer. Following the completion of
the Tender Offer, approximately $108.9 million of the Notes remain
outstanding. The Tender Offer expired at 11:59 p.m., New York City time,
on Monday, September 28, 2009. Payment for Notes purchased pursuant to the
Tender Offer was made on Tuesday, September 29, 2009. The aggregate
consideration paid by the Operating Partnership for the Notes accepted for
payment including accrued and unpaid interest was approximately $50.1
million. The amount of Notes accepted for purchase from each tendering
note holder was pro rated at approximately 84.0% due to the receipt of
valid tenders in excess of the "Maximum Payment Amount" of $50.0 million.
The Tender Offer was made pursuant to the Operating Partnership's Offer to
Purchase dated August 31, 2009 and the related Letter of Transmittal.
Wells Fargo Securities acted as the Dealer Manager for the Tender Offer.
This press release is neither an offer to purchase nor a solicitation to
buy any of the Notes nor is it a solicitation for acceptance of the Tender
Offer.
About Duke Realty Corporation
Duke Realty Corporation owns and operates approximately 136 million
rentable square feet of Industrial and office space in 20 U.S. cities. Duke
Realty Corporation is publicly traded on the NYSE under the symbol DRE and
is listed on the S&P MidCap 400 Index. More information about Duke is
available at www.dukerealty.com.
Cautionary Notice Regarding Forward-Looking Statements
This news release may contain forward-looking statements within the meaning
of the federal securities laws. All statements, other than statements of
historical facts, including, among others, statements regarding the
company's future financial position, projected financing sources, future
transactions with joint venture partners, future dividends, and future
performance, are forward-looking statements. Those statements include
statements regarding the intent, belief or current expectations of the
company, members of its management team, as well as the assumptions on
which such statements are based, and generally are identified by the use of
words such as "may," "will," "seeks," "anticipates," "believes,"
"estimates," "expects," "plans," "intends," "should," or similar
expressions. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that actual results may
differ materially from those contemplated by such forward-looking
statements. Many of these factors are beyond the company's abilities to
control or predict. Such factors include, but are not limited to, (i)
general adverse economic and local real estate conditions, including the
current economic recession; (ii) the inability of major tenants to continue
paying their rent obligations due to bankruptcy, insolvency or a general
downturn in their business; (iii) financing risks, such as the inability to
obtain equity, debt or other sources of financing or refinancing on
favorable terms, if at all; (iv) the company's ability to raise capital by
selling its assets; (v) changes in governmental laws and regulations; (vi)
the level and volatility of interest rates and foreign currency exchange
rates; (vii) valuation of joint venture investments, (viii) valuation of
marketable securities and other investments; (ix) increases in operating
costs; (x) changes in the dividend policy for the company's common stock;
(xi) the reduction in the company's income in the event of multiple lease
terminations by tenants; and (xii) impairment charges. Additional
information concerning factors that could cause actual results to differ
materially from those forward-looking statements is contained from time to
time in the company's filings with the Securities and Exchange Commission.
The company refers you to the section entitled "Risk Factors" contained in
the company's Annual Report on Form 10-K for the year ended December 31,
2008. Copies of each filing may be obtained from the company or the
Securities and Exchange Commission.
The risks included here are not exhaustive and undue reliance should not be
placed on any forward-looking statements, which are based on current
expectations. All written and oral forward-looking statements attributable
to the company, its management, or persons acting on their behalf are
qualified in their entirety by these cautionary statements. Further,
forward-looking statements speak only as of the date they are made, and the
company undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of unanticipated
events or changes to future operating results over time unless otherwise
required by law.