They are priced to yield 6.436% interest. Moody's Investor Service rates them Baa2; Standard and Poor's rates them BBB, and Fitch Ratings also gives them a BBB rating.
The proceeds will be used to repay outstanding debt under Liberty's unsecuredcredit facility and for general corporate purposes.
Chief financial officer George J. Alburger Jr. says Liberty has reduced its cost of capital and enhanced its financial flexibility through the notes and the redemption of the company's 8.8% Series A Preferred Shares, which is scheduled for Aug. 28 this year.
Liberty reported $67.6 million in funds from second-quarter operations. It has a 51-million-sf portfolio of office and industrial properties.
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