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Duke Realty Corp. (NYSE: DRE) intends to sell 30 million shares of its common stock in an underwritten public offering. The company also plans to grant the underwriters an option to purchase up to an additional 4.5 million shares.
The offering is being made pursuant to an effective shelf registration statement and prospectus filed by the company with the Securities and Exchange Commission. Morgan Stanley & Co. LLC and UBS Securities LLC will act as joint book-running managers for the offering.
The company intends to use the net proceeds from the offering (1) to repay outstanding indebtedness, including all or a portion of its outstanding borrowings under the company’s existing revolving credit facility, which had an outstanding balance of $285.0 million as of December 31, 2012, (2) to redeem all of the outstanding shares of its Series O Preferred Shares, which are redeemable as of February 22, 2013, and (3) for general corporate purposes.
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