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Kilroy Realty amends, restates $1.1 billion revolver
By Wendy Van Sickle
Columbus, Ohio, March 6 – Kilroy Realty Corp. amended and restated its $1.1 billion revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
The borrower is Kilroy Realty, LP.
The maturity date has been extended to July 31, 2028 with two six-month extension options.
The facility has the capacity to be increased to $1.6 billion, subject to obtaining lender commitments and the satisfaction of certain customary conditions.
Interest ranges from term SOFR+10 bps CSA plus a margin ranging from 72.5 bps to 145 bps. The margin is initially 90 bps.
The commitment fee is 12.5 bps to 30 bps. The commitment fee is initially 20 bps.
Both rates are dependent upon credit ratings.
Should the borrower accomplish certain sustainability performance targets, pricing can improve by 1 bp.
The company must maintain a maximum total debt to total asset value of less than 60%, a fixed-charge coverage ratio of greater than 1.5x, an unsecured debt ratio of greater than 1.67x and unencumbered asset pool debt service coverage of greater than 1.75x.
JPMorgan Chase Bank, NA, BofA Securities, Inc., Wells Fargo Securities, LLC, PNC Capital Markets LLC and U.S. Bank NA were joint lead arrangers and joint bookrunners.
J.P. Morgan Securities LLC and BofA Securities, Inc. are the sustainability structuring agents.
JPMorgan is the administrative agent. Bank of America, NA is the syndication agent.
Wells Fargo Bank, NA, PNC Bank, NA, U.S. Bank NA, Barclays Bank plc, BMO Bank, NA, Sumitomo Mitsui Banking Corp. and Bank of Nova Scotia acted as co-documentation agents.
Kilroy is a real estate investment trust based in Los Angeles.
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