2014

Liberty Property Trust Prices $450 Million Of 4.40% Senior Notes Due 2024

MALVERN, Pa., Sept. 24, 2013 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY), announced today that its limited partnership subsidiary, Liberty Property Limited Partnership, has priced a $450 million offering of 4.40% senior unsecured notes under its existing shelf registration statement. The notes are due February 15, 2024. The offering is expected to close on September 27, 2013, subject to customary closing conditions. The proceeds will be used to fund a portion of the cash consideration payable in the Company's pending acquisition of the outstanding general and limited partnership interests of the Cabot Industrial Value Fund III Operating Partnership, L.P.

Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated served as joint book-running managers and Barclays Capital Inc., BB&T Capital Markets, Capital One Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey, Inc., The Huntington Investment Company, UBS Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC served as co-managers.

The offering may be made only by means of a prospectus supplement and accompanying prospectus. A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Merrill Lynch, Pierce, Fenner & Smith Incorporated, 222 Broadway, New York, NY 10038, Attn: Prospectus Department, email: dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: High Grade Syndicate Desk, 3rd floor, telephone collect at (212) 834-4533; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone (800) 831-9146, email: batprospectusdept@citigroup.com or Goldman, Sachs & Co,. Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.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.

Liberty Property Trust 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 office and industrial properties. Liberty's 81 million square foot portfolio includes 662 properties providing office, distribution and light manufacturing facilities to 1,700 tenants. 

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, renewals of leases and dependence on tenants' business operations), risks relating to the integration of the operations of entities that we have acquired or may acquire, risks relating to financing arrangements and sales of securities, 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, including without limitation litigation involving entities that we have a acquired or may acquire, and the potential adverse impact of market interest rates on the market price for the company's securities.

SOURCE Liberty Property Trust



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