DUKE REALTY CORPORATION (an Indiana Corporation) DUKE REALTY LIMITED PARTNERSHIP (an Indiana Limited Partnership) $250,000,000 3.625% Senior Notes due April 15, 2023 TERMS AGREEMENT
Exhibit 1.1
Execution Version
DUKE REALTY CORPORATION
(an Indiana Corporation)
DUKE REALTY LIMITED PARTNERSHIP
(an Indiana Limited Partnership)
$250,000,000 3.625% Senior Notes due April 15, 2023
Dated: March 12, 2013
To: | Duke Realty Corporation |
Duke Realty Limited Partnership
000 Xxxx 00xx Xxxxxx, Xxxxx 000
Xxxxxxxxxxxx, XX 00000
Attention: Xx. Xxxxxxxx X. Xxxxx
Ladies and Gentlemen:
Each of Barclays Capital Inc., X.X. Xxxxxx Securities LLC, RBC Capital Markets, LLC and Xxxxx Fargo Securities, LLC (each, a “Representative” and together, the “Representatives”) understands that Duke Realty Limited Partnership, an Indiana limited partnership (the “Operating Partnership”), proposes to issue and sell $250,000,000 aggregate principal amount of its 3.625% Senior Notes due April 15, 2023 (the “Underwritten Securities”). Subject to the terms and conditions set forth or incorporated by reference herein, the underwriters named below (the “Underwriters”) offer to purchase, severally and not jointly, the respective numbers of the Underwritten Securities set forth below opposite their respective names at the purchase price set forth below.
Underwriters |
Principal Amount of Underwritten Securities |
|||
Barclays Capital Inc. |
$ | 49,625,000 | ||
X.X. Xxxxxx Securities LLC |
$ | 49,625,000 | ||
RBC Capital Markets, LLC |
$ | 49,625,000 | ||
Xxxxx Fargo Securities, LLC |
$ | 49,875,000 | ||
Scotia Capital (USA) Inc. |
$ | 10,625,000 | ||
Regions Securities LLC |
$ | 10,625,000 | ||
Credit Suisse Securities (USA) LLC |
$ | 7,500,000 | ||
PNC Capital Markets LLC |
$ | 7,500,000 | ||
SunTrust Xxxxxxxx Xxxxxxxx, Inc. |
$ | 7,500,000 | ||
U.S. Bancorp Investments, Inc. |
$ | 7,500,000 | ||
Total |
||||
$ | 250,000,000 | |||
|
|
The Underwritten Securities shall have the following terms:
Title of securities: 3.625% Senior Notes due April 15, 2023.
Currency: U.S. Dollars.
Principal amount to be issued: $250,000,000.
Interest rate: 3.625% per annum.
Interest payment dates: April 15 and October 15, beginning on October 15, 2013.
Stated maturity date: April 15, 2023.
Redemption or repayment provisions: The Underwritten Securities shall be redeemable by the Operating Partnership, in whole or in part, (1) at any time until January 15, 2023, at a redemption price equal to the principal amount of the Underwritten Securities being redeemed plus the Make-Whole Amount, and (2) on or after January 15, 2023, at a redemption price equal to the principal amount of the Underwritten Securities being redeemed without any payment of a Make-Whole Amount, plus, in each case, accrued and unpaid interest, on the terms set forth in the Indenture, dated as of July 28, 2006, between the Operating Partnership and The Bank of New York Mellon Trust Company, N.A. (successor to X.X. Xxxxxx Trust Company, National Association), as trustee (the “Trustee”), and the Tenth Supplemental Indenture, to be dated as of March 15, 2013, between the Operating Partnership and the Trustee (the “Indenture”).
Delayed Delivery Contracts: Not authorized.
Public offering price: 99.179% of the principal amount.
Underwriting discount: 0.650% of the principal amount.
Underwriters’ purchase price: 98.529% of the principal amount.
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Net proceeds to the Company: $246,322,500.
Lock-Up: All references to the period of “90 days from the date of the applicable Terms Agreement” in Section 3(o) of the Underwriting Agreement referenced below shall be deemed to be replaced with references to the period “from the date of the applicable Terms Agreement through the applicable Closing Date”.
Other terms: The Underwritten Securities shall be in the form of Exhibit A to the Indenture.
Except as expressly provided herein, all the provisions contained in the document attached as Annex A hereto entitled “Duke Realty Corporation and Duke Realty Limited Partnership — Common Stock, Preferred Stock, Depositary Shares, Warrants, Stock Purchase Contracts, Duke Units and Debt Securities — Underwriting Agreement,” dated January 10, 2013, are incorporated by reference in their entirety herein and shall be deemed to be a part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein. Terms defined in such document are used herein as therein defined. The Applicable Time for purposes of this Terms Agreement was 3:15 p.m. (New York City time) on March 12, 2013. Notices to the Underwriters shall be directed to Xxxxx Fargo Securities, LLC, 000 Xxxxx Xxxxx Xxxxxx, 0xx Xxxxx, Xxxxxxxxx, XX 00000, Attention: Transaction Management, Facsimile: 000-000-0000; Barclays Capital Inc., 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Syndicate Registration, Facsimile No.: 0-000-000-0000; X.X. Xxxxxx Securities LLC at X.X. Xxxxxx Securities LLC 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attn: High Grade Syndicate Desk, Tel: 000-000-0000, Fax: 000-000-0000; and RBC Capital Markets, LLC, Three World Financial Center, 000 Xxxxx Xxxxxx, 0xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Transaction Management Group/Xxxxx Xxxxxxxx, Facsimile No.: 0-000-000-0000.
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Very truly yours, | ||||
BARCLAYS CAPITAL INC. | ||||
By: | /s/ Xxxxxxx Xxxxx | |||
Name: | Xxxxxxx Xxxxx | |||
Title: | Managing Director | |||
X.X. XXXXXX SECURITIES LLC | ||||
By: | /s/ Xxxxx Xxxxxx | |||
Name: | Xxxxx Xxxxxx | |||
Title: | Executive Director | |||
RBC CAPITAL MARKETS, LLC | ||||
By: | /s/ Xxxxx X. Xxxxxxxx | |||
Name: | Xxxxx X. Xxxxxxxx | |||
Title: | Authorized Signatory | |||
XXXXX FARGO SECURITIES, LLC | ||||
By: | /s/ Xxxxxxx Xxxxxx | |||
Name: | Xxxxxxx Xxxxxx | |||
Title: | Director |
SIGNATURE PAGE TO THE TERMS AGREEMENT
Accepted: | ||||
DUKE REALTY CORPORATION | ||||
By: | /s/ Xxxxxxxx X. Xxxxx | |||
Name: | Xxxxxxxx X. Xxxxx | |||
Title: | Executive Vice President and Chief Financial Officer | |||
DUKE REALTY LIMITED PARTNERSHIP | ||||
By: | Duke Realty Corporation, its sole General Partner | |||
By: | /s/ Xxxxxxxx X. Xxxxx | |||
Name: | Xxxxxxxx X. Xxxxx | |||
Title: | Executive Vice President and Chief Financial Officer |
SIGNATURE PAGE TO THE TERMS AGREEMENT