Liberty intends to use the net proceeds from this offering "torepay a portion of the indebtedness outstanding under our$600-million credit facility and for general corporate purposes,"according to the company's Oct. 2 filing with the Securities andExchange Commission. As of Sept. 23, the REIT's outstandingindebtedness under the credit facility was approximately $374million, bearing interest at a rate of approximately 3.3% per year,according to the filing.

The SEC filing says the credit facility will mature in January2010 and has a one-year extension option. "The indebtednessoutstanding under the credit facility was originally incurredprincipally in connection with our acquisition and developmentactivities," according to the filing. "We expect to use futureborrowings under the credit facility for repayment of maturing debtobligations, such as our senior notes, and funding of acquisition,development and other investing activities."

The joint book-running managers for this offering are Banc ofAmerica Securities LLC, Citi and JP Morgan Securities, according toa release. Morgan Stanley & Co. is acting as co-lead manager.Robert W. Baird & Co., Janney Montgomery Scott LLC, Stifel,Nicolaus & Co. and Wachovia Capital Markets LLC are acting asco-managers. Calls to Liberty for additional comment were notreturned by deadline.