FWP 1 d411074dfwp.htm FWP FWP

Issuer Free Writing Prospectus

Filed pursuant to Rule 433

Registration No. 333-224538-01

November 1, 2021

Duke Realty Limited Partnership

Pricing Term Sheet

$500,000,000 2.250% Senior Notes due 2032

This pricing term sheet is qualified in its entirety by reference to the Issuer’s preliminary prospectus supplement dated November 1, 2021 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.

2.250% Senior Notes due 2032

 

Issuer:    Duke Realty Limited Partnership
Title of Security:    2.250% Senior Notes due 2032
Ranking:    Senior Unsecured Notes
Principal Amount:    $500,000,000
Gross Proceeds:    $494,115,000
Net Proceeds (before expenses):    $490,865,000
Maturity Date:    January 15, 2032
Coupon:    2.250%
Public Offering Price:    98.823%, plus accrued interest from November 10, 2021
Yield to Maturity:    2.381%
Spread to Benchmark Treasury:    T+82 basis points
Benchmark Treasury:    UST 1.250% due August 15, 2031
Benchmark Treasury Price / Yield:    97-06 / 1.561%
Interest Payment Dates:    January 15 and July 15, beginning January 15, 2022
Optional Redemption:    Prior to October 15, 2031, at the Make-Whole Amount of Treasury plus 15 basis points. On or after October 15, 2031, the notes will not include a Make-Whole Amount
Trade Date:    November 1, 2021
Settlement Date:    T+7; November 10, 2021
Distribution:    SEC Registered
CUSIP:    264414 AX1
ISIN:    US264414AX11
Denominations/Multiple:    $2,000 x $1,000
Joint Bookrunners:   

J.P. Morgan Securities LLC

Citigroup Global Markets Inc.

PNC Capital Markets LLC

Scotia Capital (USA) Inc.

Truist Securities, Inc.

Co-Managers:    RBC Capital Markets, LLC
   U.S. Bancorp
   Wells Fargo & Co.
   Regions Securities LLC
   Ramirez & Co., Inc.
   Barclays PLC
Use of Proceeds:    The company intends to allocate an amount equal to the net proceeds from the offering to the financing or refinancing of Eligible Green Projects, as defined in the Preliminary Prospectus. Pending such allocation, 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:

 

J.P. Morgan Securities LLC    1-212-834-4533 (collect call)
Citigroup Global Markets Inc.    1-800-831-9146 (toll free)
PNC Capital Markets LLC    1-855-881-0697 (toll free)
Scotia Capital (USA) Inc.    1-800-372-3930 (toll free)
Truist Securities, Inc.    1-800-685-4786 (toll free)

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