MALVERN, PA-Liberty Property Trust has sold $300 million of 10-year senior unsecured notes through its subsidiary, Liberty Property Limited Partnership. The 5.5% notes, due Dec. 15, 2016, were priced to yield 5.6%.

According to an SEC filing, there were eight underwriters. Bank of America Securities LLC, Goldman Sachs & Co., and JP Morgan Securities Inc. each purchased a principal amount of $90 million. The five additional underwriters, each buying a principal amount of $6 million, are: CitiGroup Global Markets Inc., Credit Suisse Securities USA LLC, Morgan Stanley & Co. Inc., UBS Securities LLC and Wachovia Capital Markets LLC.

The notes are rated Baa2 by Moody’s Investor Service, BBB by Standard & Poor’s, and BBB+ by Fitch Ratings. They were issued in denominations of $2,000 and multiples of $1,000, and they are not convertible into or exchangeable for partnership interests or common shares of the locally based REIT.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.