Liberty Property Trust Prices $300 Million Of 3.375% Senior Notes Due 2023

Dec 05, 2012, 18:00 ET from Liberty Property Trust

MALVERN, Pa., Dec. 5, 2012 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY), announced today that its limited partnership subsidiary, Liberty Property Limited Partnership, has priced a $300 million offering of 3.375% senior unsecured notes under its existing shelf registration. The notes are due June 15, 2023 and were priced to yield 3.386%. The offering is expected to close on December 10, 2012, subject to customary closing conditions. The proceeds will be used to repay indebtedness outstanding under the Company's unsecured credit facility and for general corporate purposes.

Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P Morgan Securities LLC, and Wells Fargo Securities, LLC served as joint book-running managers and Barclays Capital Inc., BB&T Capital Markets, Capital One Southcoast Inc, Citigroup Global Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, RBS Securities Inc., SunTrust Robinson Humphrey, Inc., The Huntingdon Investment Company, UBS Securities LLC, and US Bancorp Investments, Inc. 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, 7th Floor, New York, NY 10038, Attn: Prospectus Department, email:; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: High Grade Syndicate Desk, 3rd floor, telephone collect at (212) 834-4533; or Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, NC 28262, Attn: Capital Markets Client Support, telephone: (800) 326-5897, email:

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 78 million square foot portfolio includes 650 properties providing office, distribution and light manufacturing facilities to 1,800 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, it 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 businesses generally (such as entry into new leases, renewals of leases and dependence on tenants' business operations), risks relating to our ability to maintain and increase property occupancy and rental rates, risks relating to the recent credit crisis and economic disruption, 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 we have acquired or may acquire, risks relating to joint venture relationships and any possible need to perform under certain guarantees that we have issued or may issue in connection with such relationships, 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 real estate investment trust (''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 described in the company's filings with the Securities and Exchange Commission. 

SOURCE Liberty Property Trust