Kilroy Realty to sell $400 million exchangeable senior notes

New York, March 26 - Kilroy Realty Corp. said its operating partnership Kilroy Realty, LP will offer $400 of exchangeable senior unsecured notes due 2012.

The deal will be sold via Rule 144A.

There will be a $60 million greenshoe.

The exchangeables will have net share settlement.

Proceeds will be used to repay borrowings under Kilroy's $550 million unsecured revolving credit facility, to repay outstanding mortgage indebtedness, to finance a portion of its development pipeline and for other general corporate purposes.

No further details were released.

Kilroy is a Los Angeles-based real estate investment trust active in the office and industrial property sectors.

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