Issuer Free Writing Prospectus
Filed pursuant to Rule 433
Registration No. 333-203744-01
June 16, 2016
Duke Realty Limited Partnership
Pricing Term Sheet
$375,000,000 3.250% Senior Notes due 2026
This pricing term sheet is qualified in its entirety by reference to the Issuer’s preliminary prospectus supplement dated June 16, 2016 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.
3.250% Senior Notes due 2026
Issuer: | Duke Realty Limited Partnership | |
Title of Security: | 3.250% Senior Notes due 2026 | |
Ranking: | Senior unsecured notes | |
Size: | $375,000,000 | |
Gross proceeds: | $371,512,500 | |
Net proceeds (before expenses): | $369,075,000 | |
Maturity: | June 30, 2026 | |
Coupon: | 3.250% | |
Public offering price: | 99.070%, plus accrued and unpaid interest from June 23, 2016 | |
Yield to maturity: | 3.360% | |
Spread to Benchmark Treasury: | +180 basis points | |
Benchmark Treasury: | 1.625% due May 15, 2026 | |
Benchmark Treasury Price / Yield: | 100-19 / 1.560% |
Interest Payment Dates: | June 30 and December 30, beginning December 30, 2016 | |
Optional Redemption: | Prior to March 30, 2026 at the Make-Whole Amount of Treasury plus 30 bps. On or after March 30, 2026 the notes will not include a Make-Whole Amount | |
Trade Date: | June 16, 2016 | |
Settlement Date: | T+5; June 23, 2016 | |
Distribution: | SEC registered | |
CUSIP: | 26441YAZ0 | |
ISIN: | US26441YAZ07 | |
Denominations/Multiple: | $2,000 x $1,000 | |
Joint Bookrunners: | J.P. Morgan Securities LLC Morgan Stanley & Co. LLC UBS Securities LLC Wells Fargo Securities, LLC SunTrust Robinson Humphrey, Inc. | |
Co-Managers: | Barclays Capital Inc. BB&T Capital Markets, a division of BB&T Securities, LLC Citigroup Global Markets Inc. PNC Capital Markets LLC RBC Capital Markets, LLC Regions Securities LLC Scotia Capital (USA) Inc. U.S. Bancorp Investments, Inc. Samuel A. Ramirez & Company, Inc. | |
Use of Proceeds: | The company will use the net proceeds from the offering to (i) repurchase the 5.95% Senior Notes due 2017 pursuant to a tender offer, (ii) redeem any remaining 5.95% Senior Notes due 2017 that are not tendered or in the event the tender offer is not consummated, and (iii) to repay borrowings under a revolving credit facility. Any remaining net proceeds from the offering will be used for general corporate purposes. |
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) | |
Morgan Stanley & Co. LLC | 1-866-718-1649 (toll free) | |
UBS Securities LLC | 1-888-827-7275 (toll free) | |
Wells Fargo Securities, LLC | 1-800-645-3751 (toll free) | |
SunTrust Robinson Humphrey, Inc. | 1-800-685-4786 (toll free) |
Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.