WAYNE, Pa., Jan. 22, 2019 (GLOBE NEWSWIRE) — Liberty Property Trust (NYSE: LPT) announced today that its operating partnership, Liberty Property Limited Partnership (the “Operating Partnership”), has priced a $350 million offering of 4.375% senior unsecured notes under its existing shelf registration statement. The notes are due February 1, 2029 and were priced to yield 4.407%. The offering is expected to close on January 25, 2019, subject to customary closing conditions.
The net proceeds from the offering will be used for working capital and general corporate purposes, including repayment of borrowings under the Company’s credit facilities.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as joint book-running managers and PNC Capital Markets LLC, Regions Securities LLC, SunTrust Robinson Humphrey, Inc., U.S. Bancorp Investments, Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, Capital One Securities, Inc., MUFG Securities Americas Inc., Samuel A. Ramirez & Company, Inc. and TD Securities (USA) LLC served as co-managers for the offering.
The offering may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained, when available, by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone toll-free at (800) 831-9146, email: prospectus@citi.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; and Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000 Minneapolis, MN 55402 Attn: WFS Customer Service, telephone: 1-800-645-3751, or by emailing wfscustomerservice@wellsfargo.com.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities, blue sky or other laws of any such state or other jurisdiction.
About Liberty Property Trust
Liberty Property Trust (NYSE:LPT) is a leader in commercial real estate, serving customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior industrial and office properties. Liberty’s 106.1 million square foot portfolio provides productive work environments for 1,200 tenants.
Forward-Looking Statements
The statements contained in this press release may include forward-looking statements within the meaning of the federal securities law. Although Liberty believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the company can give no assurance that its expectations will be achieved. As forward-looking statements, these statements involve important risks, uncertainties and other factors that could cause actual results to differ materially from the expected results and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of the company. The company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. These risks, uncertainties and other factors include, without limitation, uncertainties affecting real estate business generally (such as entry into new leases, retention of leases and dependence on tenants’ business operations), risks relating to the company’s ability to maintain and increase property occupancy and rental rates, risks relating to the continued repositioning of the company’s portfolio, risks relating to construction and development activities, risks relating to acquisition and disposition activities, risks relating to the integration of the operations of entities that the company has acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that the company has issued or may issue in connection with such relationships, risks related to properties developed by the company on a fee basis, risks associated with tax abatement, tax credit programs, or other government incentives, possible environmental liabilities, risks relating to leverage and debt service (including availability of financing terms acceptable to the company and sensitivity of the company’s operations and financing arrangements to fluctuations in interest rates), dependence on the primary markets in which the company’s properties are located, the existence of complex regulations relating to status as a REIT and the adverse consequences of the failure to qualify as a REIT, risks relating to litigation and the potential adverse impact of market interest rates on the market price for the company’s securities, and other risks and uncertainties detailed in the company’s filings with the Securities and Exchange Commission.
Inquiries: Jeanne Leonard, Liberty Property Trust, 610.648.1704