Kilroy Realty to sell series G preferreds; proceeds to fund redemption of series E preferreds

By Stephanie N. Rotondo

Portland, Ore., March 15 - Kilroy Realty Corp. will sell series G cumulative redeemable preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Thursday.

There is no stated maturity. Dividends are payable quarterly on the 15th day of February, May, August and November.

The preferreds become redeemable in 2017 or in the event of a change of control.

The company will apply to list the new preferreds on the New York Stock Exchange.

Wells Fargo Securities LLC, Bank of America Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

Proceeds will be used to redeem all of the company's 7.8% series E cumulative redeemable preferreds and for general corporate purposes, including the possible redemption of the 7.5% series F cumulative redeemable preferreds, acquiring properties and the repayment of outstanding debt.

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

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