By Andrea Heisinger
New York, May 17 - Kilroy Realty LP priced $250 million of 6.625% 10-year senior unsecured notes on Monday to yield Treasuries plus 325 basis points, a source who worked on the sale said.
The notes (Baa3/BBB-/) priced at 99.148 to yield 6.743%. They have a make-whole call at Treasuries plus 50 bps.
The notes were sold under Rule 144A and are guaranteed by Kilroy Realty Corp. on a senior unsecured basis.
Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Barclays Capital Inc. were the bookrunners.
Proceeds are going to repurchase outstanding 3.25% exchangeable senior notes due in 2012 that are tendered by the holders under an offer to purchase the exchangeable notes.
The real estate investment trust is based in Los Angeles.
| Issuer: | Kilroy Realty LP
|
| Issue: | Senior unsecured notes
|
| Guarantor: | Kilroy Realty Corp.
|
| Amount: | $250 million
|
| Maturity: | June 1, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Barclays Capital Inc.
|
| Coupon: | 6.625%
|
| Price: | 99.148
|
| Yield: | 6.743%
|
| Spread: | Treasuries plus 325 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Distribution: | Rule 144A
|
| Trade date: | May 17
|
| Settlement date: | May 24
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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