Duke Realty announced it closed a $1.2 billion unsecured revolving credit facility which replaces its existing $850 million facility that was set to mature in December 2015.

This renewed facility matures January 2019, has two six month extension options and can be upsized to $1.6 billion. Borrowings under the new facility will bear interest at the annual rate of LIBOR plus 1.05 percent, subject to a pricing grid for changes in the company’s credit rating, compared to a rate of LIBOR plus 1.25 percent under its existing facility.

In tandem with closing the revolving credit facility, the company extended the maturity of its $250 million unsecured term loan from May 2018 to January 2019. The renewed term loan bears interest at LIBOR plus 1.15 percent and has a one-year extension option. The rate on the previous term loan was LIBOR plus 1.35 percent and did not have an extension option.

Our expanded facility at a lower cost with over five years of term further enhances our financial flexibility and is a testament to the strength of our balance sheet, said Mark Denien, Chief Financial Officer. We are very pleased with the strong demand and continued support from the high caliber financial institutions who participated in our credit facility.

J.P. Morgan Securities and Wells Fargo Securities were the joint lead arrangers and joint bookrunners, with JPMorgan Chase Bank as administrative agent, and Wells Fargo Bank, as syndication agent. Morgan Stanley Senior Funding, PNC Bank, Regions Bank, Royal Bank of Canada, SunTrust Bank, The Bank of Nova Scotia and U.S. Bank National Association were documentation agents.

Other lenders participating o include Associated Bank, Barclays Bank, Branch Banking and Trust Company (BB&T), Citibank, The Northern Trust Company and UBS AG, Stamford Branch.