0001193125-20-031324.txt : 20200211 0001193125-20-031324.hdr.sgml : 20200211 20200211161535 ACCESSION NUMBER: 0001193125-20-031324 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20200211 DATE AS OF CHANGE: 20200211 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: DUKE REALTY LIMITED PARTNERSHIP/ CENTRAL INDEX KEY: 0001003410 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 351898425 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-224538-01 FILM NUMBER: 20596792 BUSINESS ADDRESS: STREET 1: 600 EAST 96TH STREET STREET 2: SUITE 100 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 BUSINESS PHONE: 3178086000 MAIL ADDRESS: STREET 1: 600 EAST 96TH STREET STREET 2: SUITE 100 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 FORMER COMPANY: FORMER CONFORMED NAME: DUKE WEEKS REALTY LIMITED PARTNERSHIP DATE OF NAME CHANGE: 19990716 FORMER COMPANY: FORMER CONFORMED NAME: DUKE REALTY LIMITED PARTNERSHIP DATE OF NAME CHANGE: 19951114 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DUKE REALTY LIMITED PARTNERSHIP/ CENTRAL INDEX KEY: 0001003410 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 351898425 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 600 EAST 96TH STREET STREET 2: SUITE 100 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 BUSINESS PHONE: 3178086000 MAIL ADDRESS: STREET 1: 600 EAST 96TH STREET STREET 2: SUITE 100 CITY: INDIANAPOLIS STATE: IN ZIP: 46240 FORMER COMPANY: FORMER CONFORMED NAME: DUKE WEEKS REALTY LIMITED PARTNERSHIP DATE OF NAME CHANGE: 19990716 FORMER COMPANY: FORMER CONFORMED NAME: DUKE REALTY LIMITED PARTNERSHIP DATE OF NAME CHANGE: 19951114 FWP 1 d886573dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed pursuant to Rule 433

Registration No. 333-224538-01

February 11, 2020

Duke Realty Limited Partnership

Pricing Term Sheet

$325,000,000 3.050% Senior Notes due 2050

This pricing term sheet is qualified in its entirety by reference to the Issuer’s preliminary prospectus supplement dated February 11, 2020 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.

3.050% Senior Notes due 2050

 

Issuer:    Duke Realty Limited Partnership
Title of Security:    3.050% Senior Notes due 2050
Ranking:    Senior Unsecured Notes
Principal Amount:    325,000,000
Gross Proceeds:    $316,371,250
Net Proceeds (before expenses):    $313,527,500
Maturity Date:    March 1, 2050
Coupon:    3.050%
Public Offering Price:    97.345%, plus accrued interest from February 21, 2020
Yield to Maturity:    3.188%
Spread to Benchmark Treasury:    +112 basis points
Benchmark Treasury:    2.250% due August 15, 2049
Benchmark Treasury Price / Yield:    104-00 / 2.068%

Interest Payment Dates:    March 1 and September 1, beginning September 1, 2020
Optional Redemption:    Prior to September 1, 2049, at the Make-Whole Amount of Treasury plus 20 basis points. On or after September 1, 2049, the notes will not include a Make-Whole Amount.
Trade Date:    February 11, 2020
Settlement Date:    T+7; February 21, 2020
Distribution:    SEC registered
CUSIP:    26441Y BD8
ISIN:    US26441YBD85
Denominations/Multiple:    $2,000 x $1,000
Joint Bookrunners:    Wells Fargo Securities, LLC
   Barclays Capital Inc.
   RBC Capital Markets, LLC
   UBS Securities LLC
   Regions Securities LLC
   Scotia Capital (USA) Inc.
Co-Managers:    Citigroup Global Markets Inc.
   J.P. Morgan Securities LLC
   Morgan Stanley & Co. LLC
   PNC Capital Markets LLC
   Samuel A. Ramirez & Company, Inc.
   SunTrust Robinson Humphrey, Inc.
   U.S. Bancorp Investments, Inc.
Use of Proceeds:    The company intends to use the net proceeds from the offering to fund the redemption of the company’s 4.375% Senior Notes due 2022. Any remaining net proceeds from this offering will be used for general corporate purposes. In the short term, the net proceeds may be used to repay borrowings outstanding on the company’s unsecured senior line of credit and may be held in cash and cash equivalents.

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:

 

   Wells Fargo Securities, LLC    1-800-645-3751 (toll free)   
   Barclays Capital Inc.    1-888-603-5847 (toll free)   
   RBC Capital Markets, LLC    1-866-375-6829 (toll free)   
   UBS Securities LLC    1-888-827-7275 (toll free)   

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