Duke Realty Announces Pricing Terms for $350 Million Senior Unsecured Notes Offering

INDIANAPOLIS, June 22, 2020 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE), a leading industrial property REIT, announced today that its operating partnership, Duke Realty Limited Partnership (the “Operating Partnership”), has priced an underwritten public offering of $350 million of its 1.750% senior unsecured notes due July 1, 2030. The notes were priced at 99.072% of their face amount to yield 1.852% to maturity. The offering is expected to close on June 29, 2020, subject to customary closing conditions.

The Operating Partnership intends to use the net proceeds from this offering to repurchase the Company's 3.875% Senior Notes due 2022 pursuant to the previously announced tender offer. Any remaining net proceeds from this offering will be used for general corporate purposes, including to repay borrowings outstanding on our unsecured senior line of credit.  In the short term, the net proceeds of the sale of the notes may be held in cash and cash equivalents.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Jefferies LLC, Scotia Capital (USA) Inc., and SunTrust Robinson Humphrey, Inc. acted as joint book-running managers for the offering. Barclays Capital Inc., RBC Capital Markets, LLC, Regions Securities LLC, Samuel A. Ramirez & Company, Inc., UBS Securities LLC, U.S. Bancorp Investments, Inc., and Wells Fargo Securities, LLC acted as co-managers.

Duke Realty and the Operating Partnership have filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this communication relates, which became effective upon filing with the SEC. The offering will be made only by means of a prospectus and prospectus supplement. You may obtain these documents for free by searching the SEC online database on the SEC website at http://www.sec.gov. Alternatively, Duke Realty, the Operating Partnership, or any underwriter participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it from (i) Citigroup Global Markets Inc. toll free at 1-800-831-9146, (ii) J.P. Morgan Securities LLC collect at 1-212-834-4533, or (iii) Morgan Stanley & Co. LLC toll free at 1-866-718-1649.