Duke Realty Announces Results of Tender Offer for 3.875% Senior Notes Due 2022

INDIANAPOLIS, June 29, 2020 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE), a leading industrial property REIT, announced today the closing of the previously announced cash tender offer (the “Tender Offer”) by Duke Realty Limited Partnership (the “Operating Partnership”), its operating partnership, to purchase any and all of the outstanding 3.875% Senior Notes due 2022 (the “Notes”) issued by the Operating Partnership. The Tender Offer expired at 5:00 p.m., New York City time, on June 26, 2020 (the “Expiration Time”). The complete terms and conditions of the Tender Offer were set forth in an Offer to Purchase, dated June 22, 2020 (the “Offer to Purchase”), and the related Notice of Guaranteed Delivery.

As of the Expiration Time, $216,260,000 aggregate principal amount of Notes had been validly tendered and not validly withdrawn. This amount excludes $1,050,000 aggregate principal amount of the Notes expected to be tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase. Notes tendered pursuant to the guaranteed delivery procedures must be provided no later than 5:00 p.m., New York City time, on June 30, 2020.

The Operating Partnership has accepted for payment all the Notes validly tendered and not validly withdrawn prior to the Expiration Time and, in accordance with the terms of the Offer to Purchase, has paid all holders of such Notes $1,065.00 per $1,000 principal amount of Notes tendered plus accrued and unpaid interest from the last interest payment date to, but not including, today, June 29, 2020 (the “Payment Date”).  The Company intends to accept for payment all of the Notes that are tendered pursuant to the guaranteed delivery procedures. Payment for Notes validly tendered pursuant to the guaranteed delivery procedures is expected to be made on July 1, 2020, as described in the Offer to Purchase. 

The Operating Partnership funded the purchase of the Notes with the net proceeds from its previously announced issuance and sale of $350 million aggregate principal amount of its 1.750% Senior Notes due 2030. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as dealer managers for the Tender Offer. D.F. King & Co., Inc. was the information agent and tender agent for the Tender Offer.

About Duke Realty Corporation

Duke Realty Corporation owns and operates approximately 156 million rentable square feet of industrial assets in 20 major U.S. logistics markets.  Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is included in the S&P 500 Index.