INDIANAPOLIS, IN--(Marketwire - April 21, 2010) - Duke Realty Corporation (
As described in the Offer to Purchase, the Maximum Tender Offer constituted an offer by the Operating Partnership to purchase up to the maximum aggregate principal amount of the Maximum Tender Offer Notes that it could purchase for an amount (excluding accrued interest ("Accrued Interest")) equal to $250,000,000 less the payment amount (excluding Accrued Interest) of notes repurchased in its offer to purchase its 6.95% Senior Notes due 2011 (the "Any and All Notes") provided that any purchase of the 6.25% Notes was subject to an aggregate purchase sublimit of $50,000,000 principal amount. The Operating Partnership refers to its offer to purchase the Any and All Notes as the "Any and All Tender Offer." The Any and All Tender Offer expired on Wednesday, March 31, 2010. Based upon the results of the Any and All Tender Offer, the Operating Partnership set the maximum payment amount for the Maximum Tender Offer as $180,001,805.
According to information provided by D.F. King & Co., Inc., the depositary for the offers, $203,745,000 in aggregate principal amount of notes subject to the Maximum Tender Offer were validly tendered and not validly withdrawn before 5:00 p.m. EDT on Tuesday, April 6, 2010, the early tender date for the Maximum Tender Offer, and a total of $203,839,000 aggregate principal amount of notes subject to the Maximum Tender Offer were validly tendered and not validly withdrawn before the expiration date for the Maximum Tender Offer, as more fully set forth below. In the Any and All Tender Offer, $66,349,000 in aggregate principal amount of notes were validly tendered and accepted for purchase on March 31, 2010, as more fully set forth below.
| Title of Note | CUSIP Number |
Principal Amount Outstanding (US$) |
Principal Amount Tendered (US$) |
Percentage of Outstanding Amount Tendered |
Acceptance Priority Level | |||||
| Any and All Tender Offer: | ||||||||||
| 6.950% Senior Notes due 2011 | 26441YAD9 | $108,873,000 | $66,349,000 | 60.94% | ||||||
| Maximum Tender Offer: | ||||||||||
| 5.625% Senior Notes due 2011 | 26441YAL1 | $218,347,000 | $95,816,000 | 43.88% | 1 | |||||
| 6.250% Senior Notes due 2013 | 26441YAR8 | $325,000,000 | $108,023,000 | 33.24% | 2 | |||||
The Operating Partnership has accepted for purchase all tendered 5.625% Notes and $50,000,000 aggregate principal amount of the 6.25% Notes, with acceptance of tendered 6.25% Notes prorated as set forth in the Offer to Purchase. The Operating Partnership expects to make payment for all notes accepted for purchase in same-day funds on Wednesday, April 21, 2010.
Wells Fargo Securities served as dealer manager, and D.F. King & Co., Inc. served as the depositary and information agent for the tender offers.
Cautionary Notice Regarding Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding the company's future financial position, projected financing sources, future transactions with joint venture partners, future dividends, and future performance, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the company, members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should," or similar expressions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company's abilities to control or predict. Such factors include, but are not limited to, (i) general adverse economic and local real estate conditions, including the current economic environment; (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business; (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms, if at all; (iv) the company's ability to raise capital by selling its assets; (v) changes in governmental laws and regulations; (vi) the level and volatility of interest rates and foreign currency exchange rates; (vii) valuation of joint venture investments, (viii) valuation of marketable securities and other investments; (ix) increases in operating costs; (x) changes in the dividend policy for the company's common stock; (xi) the reduction in the company's income in the event of multiple lease terminations by tenants; and (xii) impairment charges. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company's filings with the Securities and Exchange Commission. The company refers you to the section entitled "Risk Factors" contained in the company's Annual Report on Form 10-K for the year ended December 31, 2009. Copies of each filing may be obtained from the company or the Securities and Exchange Commission.
The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.
Contact Information:
Contact Information:
Media:
Jim Bremner
317.808.6920
jim.bremner@dukerealty.com
Investors:
Randy Henry
317.808.6060
randy.henry@dukerealty.com