By Stephanie N. Rotondo
Portland, Ore., March 16 - Kilroy Realty Corp. priced $100 million of 6.875% series G cumulative redeemable preferred stock, a trader reported Friday.
The deal was originally announced Thursday and came at the low end of price talk. There is a $15 million over-allotment option.
Wells Fargo Securities LLC, Bank of America Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities LLC are the bookrunners.
Dividends are payable quarterly on the 15th of February, May, August and November.
There is no stated maturity. The preferreds become redeemable on March 27, 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. Settlement is expected March 27.
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.
| Issuer: | Kilroy Realty Corp.
|
| Securities: | Series G cumulative redeemable preferred stock
|
| Amount: | $100 million, or 4 million shares
|
| Greenshoe: | $15 million, or 600,000 shares
|
| Dividend: | 6.875%, payable quarterly
|
| Liquidation preference: | $25
|
| Maturity: | Perpetual
|
| Call option: | On or after March 27, 2017 or in the event of a change of control
|
| Bookrunners: | Wells Fargo Securities LLC, Bank of America Merrill Lynch, Barclays Capital Inc. and J.P. Morgan Securities LLC
|
| Pricing date: | March 16
|
| Settlement date: | March 27
|
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