Kilroy Realty cuts interest, extends maturity on $500 million facility

By Marisa Wong

Madison, Wis., Nov. 28 - Kilroy Realty Corp. said its operating partnership, Kilroy Realty, LP, completed an amendment to its $500 million unsecured credit facility, which reduced borrowing costs and extended the maturity date to April 3, 2017.

The credit facility now bears interest at Libor plus 145 basis points and includes a 30 bps facility fee. The interest rate and facility fee vary depending upon the company's credit ratings.

According to a news release, the operating partnership expects to use the facility for general corporate purposes, including funding its acquisition, development and redevelopment programs, and for repaying long-term debt.

The facility was syndicated to a group of 15 U.S. and international banks led by joint lead arrangers and joint bookrunners J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc.

JPMorgan Chase Bank, NA is the administrative agent, and Bank of America, NA is the syndication agent. Barclays Bank plc, Compass Bank, PNC Bank, NA, Royal Bank of Canada, Union Bank, NA, U.S. Bank NA and Wells Fargo Bank, NA acted as joint documentation agents.

Other participants include Bank of the West, Comerica Bank, KeyBank, NA, Sumitomo Mitsui Banking Corp., Cathay United Bank, Ltd. and Chang Hwa Commercial Bank, Ltd., Los Angeles Branch.

Kilroy is a real estate investment trust based in Los Angeles.

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