Kilroy Realty closes on $150 million term loan at Libor plus 175 bps

New York, April 2 - Kilroy Realty Corp. said its operating partnership Kilroy Realty, LP completed a $150 million unsecured term loan facility.

Interest on the new bank debt is Libor plus 175 basis points. The level will vary, depending on the borrower's credit ratings, from Libor plus 115 bps to Libor plus 220 bps.

The facility runs for four years until March 2016 and has a one-year extension option.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities, LLC were joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, NA is administrative agent, Bank of America, NA and Wells Fargo Bank, NA are co-syndication agents and PNC Bank, NA and Union Bank, NA are co-documentation agents.

Proceeds will be used for general corporate purposes, including the repayment of Kilroy's 3.25% exchangeable senior notes due April 15, 2012, funding of the company's acquisition, development and redevelopment programs, and repayment of other long-term debt.

Kilroy closed on the loan on March 29.

Kilroy is a Los Angeles-based real estate investment trust active in West Coast office and industrial submarkets.

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