{"id":1004519362,"date":"2021-03-31T02:31:28","date_gmt":"2021-03-31T10:31:28","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004519362"},"modified":"2022-04-19T00:39:39","modified_gmt":"2022-04-19T08:39:39","slug":"duke-realty-refinances-1-2b-credit-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/duke-realty-refinances-1-2b-credit-facility\/","title":{"rendered":"Duke Realty Refinances $1.2B Credit Facility"},"content":{"rendered":"
\"\"<\/a>

Image by Steve Buissinne via Pixabay.com<\/em><\/p><\/div>\n

Duke Realty Corp. revealed that its operating partnership, Duke Realty LP, has closed the refinancing of its $1.2 billion unsecured credit facility. The domestic-only logistics REIT<\/a> amended and restated the credit facility, which it had originally closed in October 2014 to replace an existing $850 million facility.<\/p>\n

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READ ALSO<\/strong>: Analysis: Big Government Spending Creates Opportunities, Worries for CRE<\/a><\/p>\n

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Duke\u2019s amendment and restatement of its unsecured credit facility dovetails with its plans for the year. \u201cWe intend to continue a robust pace of growth in 2021, which we anticipate to fund with the combination of asset dispositions, internally generated cash flow, short-term use of our line of credit and a potential unsecured bond issuance later in the year,\u201d Mark Denien, CFO of Duke Realty Corp., said during the REIT\u2019s fourth quarter 2020 earnings conference call on January 28, 2021.<\/p>\n

The unsecured credit facility, which had been extended to January 2022, is now slated to mature in March 2025 and also allows for two six-month extensions. Additionally, new terms allow for an increase of as much as $800 million, and borrowings under the facility will now bear interest at the annual rate of LIBOR plus 0.775 percent, down from the rate of LIBOR plus 0.875 percent, which was established when Duke last extended the facility in January 2018.<\/p>\n

Green devotion<\/strong><\/h2>\n

A leader in sustainability in real estate, Duke continues to make strides<\/a> in its commitment to the greening of the industry, and its amended and restated unsecured revolving credit facility is no exception. The company made one of its biggest moves in the arena in 2019, when it closed a $400 million green bond offering, becoming the first industrial REIT in the U.S. to do so. Duke\u2019s newly refinanced credit facility features an incremental reduction in borrowing costs provided that certain sustainability-linked metrics are achieved annually.<\/p>\n

The 13 financial institutions that participated in Duke\u2019s amended and restated facility were all existing lenders and include JPMorgan Chase Bank N.A. and Wells Fargo Securities LLC, who served as joint lead arrangers.<\/p>\n

Extra liquidity<\/strong><\/h2>\n

Since the beginning of the COVID-19 health crisis in the U.S. in the spring of 2020, many industrial REITs have bolstered their liquidity through the refinancing of credit facilities. In July 2020, First Industrial Realty Trust announced the refinancing of its $200 million unsecured credit facility<\/a> in an effort to better manage its business amid the pandemic. More recently, in February 2021, Stag Industrial REIT Inc. increased the capacity of its unsecured credit facility from $500 million to $750 million<\/a>.  <\/p>\n","protected":false},"excerpt":{"rendered":"

The industrial REIT’s amendment and restatement agreement includes new terms that allow for a potential increase of as much as $800 million. <\/p>\n","protected":false},"author":969,"featured_media":1004528694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,23891,21742],"tags":[33010,51080],"class_list":["post-1004519362","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-national","category-latest","tag-duke-realty-corporation","tag-mark-denien"],"acf":[],"yoast_head":"\nDuke Realty Refinances $1.2B Credit Facility - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/duke-realty-refinances-1-2b-credit-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Duke Realty Refinances $1.2B Credit Facility\" \/>\n<meta property=\"og:description\" content=\"The industrial REIT's amendment and restatement agreement includes new terms that allow for a potential increase of as much as $800 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/duke-realty-refinances-1-2b-credit-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-31T10:31:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-19T08:39:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/calculator-1680905_1920.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/duke-realty-refinances-1-2b-credit-facility\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/duke-realty-refinances-1-2b-credit-facility\/\",\"name\":\"Duke Realty Refinances $1.2B Credit Facility - 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