Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-224538-01
August 13, 2019
Duke Realty Limited Partnership
Pricing Term Sheet
$175,000,000 3.375% Senior Notes due 2027
This pricing term sheet is qualified in its entirety by reference to the Issuers preliminary prospectus supplement dated August 13, 2019 and the accompanying prospectus (together, the Preliminary Prospectus). The information in this pricing term sheet supplements the Preliminary Prospectus and updates and supersedes the information in the Preliminary Prospectus to the extent it is inconsistent with the information in the Preliminary Prospectus. Capitalized terms used and not defined herein have the meanings assigned to them in the Preliminary Prospectus.
3.375% Senior Notes due 2027
Issuer: |
Duke Realty Limited Partnership | |
Expected Ratings (Moodys/S&P)*: |
Baa1 / BBB+ | |
Title of Security: |
3.375% Senior Notes due 2027 | |
Ranking: |
Senior unsecured notes | |
Principal Amount: |
$175,000,000 (the notes will be part of the same series as the $300,000,000 aggregate principal amount of the Issuers 3.375% Senior Notes due 2027, which were originally issued on December 12, 2017) | |
Gross Proceeds: |
$182,283,500 | |
Net Proceeds (before expenses): |
$181,189,750 | |
Maturity Date: |
December 15, 2027 | |
Coupon: |
3.375% | |
Public Offering Price: |
104.162% of the principal amount, plus accrued interest in the amount of $1,000,781.25 in the aggregate from June 15, 2019 up to, but not including, August 16, 2019 | |
Yield to Maturity: |
2.796% | |
Benchmark Treasury: |
1.625% due August 15, 2029 | |
Spread to Benchmark Treasury: |
+112.5 basis points | |
Benchmark Treasury Price / Yield: |
99-18+ / 1.671% |
Interest Payment Dates: |
June 15 and December 15, beginning December 15, 2019 | |
Optional Redemption: |
Prior to September 15, 2027 at the Make-Whole Amount of Treasury plus 20 bps. On or after September 15, 2027 the notes will not include a Make-Whole Amount | |
Trade Date: |
August 13, 2019 | |
Settlement Date: |
T+3; August 16, 2019 | |
Distribution: |
SEC registered | |
CUSIP: |
26441Y BA4 | |
ISIN: |
US26441YBA47 | |
Denominations/Multiple: |
$2,000 x $1,000 | |
Joint Book-Running Managers: |
J.P. Morgan Securities LLC Citigroup Global Markets Inc. U.S. Bancorp Investments, Inc. Wells Fargo Securities, LLC | |
Co-Managers: |
Barclays Capital Inc. PNC Capital Markets LLC Morgan Stanley & Co. LLC RBC Capital Markets, LLC Regions Securities LLC Scotia Capital (USA) Inc. SunTrust Robinson Humphrey, Inc. UBS Securities LLC BB&T Capital Markets, a division of BB&T Securities, LLC Samuel A. Ramirez & Company, Inc. | |
Use of Proceeds: |
The company will use the net proceeds from the offering to repay borrowings under its unsecured senior line of credit and for general corporate purposes. |
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling:
J.P. Morgan Securities LLC |
1-212-834-4533 (collect call) | |
Citigroup Global Markets Inc. |
1-800-831-9146 (toll free) | |
U.S. Bancorp Investments, Inc. |
1-877-558-2607 (toll free) | |
Wells Fargo Securities, LLC |
1-800-645-3751 (toll free) |
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