Duke Realty Closes Refinancing of Revolving Credit Facility with Sustainability-Linked Pricing Incentive

INDIANAPOLIS, March 29, 2021 (GLOBE NEWSWIRE) -- Duke Realty Corporation (NYSE: DRE, or the “Company”), the largest domestic-only logistics REIT, announced today that its operating partnership, Duke Realty Limited Partnership, amended and restated its $1.2 billion unsecured revolving credit facility. The amended and restated credit facility matures March 2025 and 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. Borrowings under the amended and restated facility will bear interest at the annual rate of LIBOR plus 0.775 percent (subject to a pricing grid for changes in the company’s credit rating) compared to a rate of LIBOR plus 0.875 percent (subject to a pricing grid for changes in the company’s credit rating) under its previous facility. As part of the Company’s commitment to corporate responsibility, the credit facility also includes an incremental reduction in borrowing costs if certain sustainability linked metrics are achieved each year. Thirteen banks, all of whom were existing lenders, participated in the amended and restated facility.

“This facility provides ample liquidity to our already strong balance sheet as we continue to grow our logistics real estate portfolio,” said Mark Denien, Executive Vice President and Chief Financial Officer. “We are pleased to lower our borrowing costs by 10 basis points from our prior facility. As a leader in green industrial project developments and corporate responsibility, we are also proud to incorporate a sustainability component to this credit facility. Lastly, we received strong support from our incumbent banks and would like to thank them for their continued credit commitments to Duke Realty.”

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 The Bank of Nova Scotia; Barclays Bank PLC; Citibank N.A.; Morgan Stanley Senior Funding, Inc.; PNC Bank, National Association; Regions Bank; Royal Bank of Canada; Truist Bank and U.S. Bank National Association were documentation Agents.