Liberty intends to use the net proceeds from this offering "to repay a portion of the indebtedness outstanding under our $600-million credit facility and for general corporate purposes," according to the company's Oct. 2 filing with the Securities and Exchange Commission. As of Sept. 23, the REIT's outstanding indebtedness under the credit facility was approximately $374 million, bearing interest at a rate of approximately 3.3% per year, according to the filing.

The SEC filing says the credit facility will mature in January 2010 and has a one-year extension option. "The indebtedness outstanding under the credit facility was originally incurred principally in connection with our acquisition and development activities," according to the filing. "We expect to use future borrowings under the credit facility for repayment of maturing debt obligations, such as our senior notes, and funding of acquisition, development and other investing activities."

The joint book-running managers for this offering are Banc of America Securities LLC, Citi and JP Morgan Securities, according to a release. Morgan Stanley & Co. is acting as co-lead manager. Robert W. Baird & Co., Janney Montgomery Scott LLC, Stifel, Nicolaus & Co. and Wachovia Capital Markets LLC are acting as co-managers. Calls to Liberty for additional comment were not returned by deadline.