LOS ANGELES - Kilroy Realty Corporation (NYSE:KRC) has announced the pricing of a public offering of $400 million in senior notes by its operating partnership, Kilroy Realty, L.P. The 6.250% notes, due in 2036, are set to pay interest semi-annually and will be guaranteed by the company. With an initial offering price of 98.879% of the principal amount, the notes' yield to maturity stands at 6.385%. The offering is slated to close on January 12, 2024, subject to customary closing conditions.
Joint book-running managers for the transaction include BofA Securities, J.P. Morgan, and Wells Fargo (NYSE:WFC) Securities among others, with BNY Mellon (NYSE:BK) Capital Markets, LLC serving as co-manager. The net proceeds, estimated at approximately $392 million after underwriting discounts and expenses, are intended for debt redemption or repayment and general corporate purposes, which may include development projects and property acquisitions.
Kilroy Realty, a prominent U.S. landlord and developer, is a real estate investment trust (REIT) with a focus on office, life science, and mixed-use properties across key markets. The offering is made under an effective shelf registration filed with the Securities and Exchange Commission (SEC), and the notes are available through the prospectus supplement and accompanying prospectus filed with the SEC.
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