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Liberty Targets Debt With $300M in Senior Notes

MALVERN, PA-The 5.5% 10-year senior unsecured notes due Dec. 15, 2016 were priced to yield 5.6%. Proceeds will be used to pay down debt.

By Marita Thomas | Updated on December 18, 2006

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.

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