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MALVERN, PA-Through its limited partnership subsidiary, Liberty Property Trust has sold $300 million in 10-year, 6.6%, unsecured senior notes. They are due Oct. 1, 2017 and priced to yield 6.7%.

The net proceeds of approximately $295.7 million after expenses will be used to repay outstanding debt on the locally based REIT's $600-million credit facility. According to an SEC filing, as of Aug. 31, the outstanding debt was approximately $390 million at an interest rate of about 6%. The facility matures in January 2010 and has a one-year extension option.

Joint book runners of the offering are Banc of America Securities LLC, Morgan Stanley & Co. Inc., and Wachovia Capital Markets LLC, each with a principal amount of $90 million. Co-managers Citigroup Global Markets Inc., Credit Suisse Securities USA LLC and UBS Securities LLC each undertook a principal amount of $10 million in the notes. Moody's Investor Service has rated the notes Baa2, the Standard & Poor's rating is BBB, and the Fitch Ratings is BBB+.