September 19, 2016 Comments Off on Kilroy Plans $250M Private Placement Views: 424 California News, Los Angeles

Kilroy Plans $250M Private Placement

Kilroy Realty Corp.’s operating partnership, Kilroy Realty, L.P., is planning a private placement of $250 million in aggregate principal amount of senior unsecured notes guaranteed by the company. Kilroy expects to issue $175 million principal amount of 3.35% Senior Unsecured Notes, and $75 million of 3.45% Senior Unsecured Notes by February 17, 2017.

Proceeds from the financing will be used to refinance existing indebtedness, to redeem preferred stock, and for general corporate purposes.

Kilroy’s Tyler H. Rose says, “We are very pleased with the results of this private placement, which allowed us to raise capital at very attractive rates from a group of high quality, long-term institutional investors. The delayed drawdown feature, combined with our recently announced joint venture, will allow us to efficiently manage our development expenditures and potential redemption of our preferred stock in 2017.”

Barclays acted as the sole placement agent for the offering.

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