By Stephanie N. Rotondo
Phoenix, Aug. 6 - Kilroy Realty Corp. priced a $100 million sale of 6.375% series H cumulative redeemable perpetual preferred shares, according to a trader on Monday.
Price talk was initially 6.375% to 6.5%, the trader said. The expected size was $75 million.
The joint bookrunners are Wells Fargo Securities LLC, Barclays, Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
Dividends will be payable on the 15th of February, May, August and November beginning Nov. 15.
The preferreds become redeemable on Aug. 15, 2017 or in the event of a change of control.
The company plans to apply to list the securities on the New York Stock Exchange. Settlement is expected Aug. 15.
Proceeds will be used to redeem all of the operating partnership's outstanding series A preferred units, and any remaining net proceeds will be used for general corporate purposes, including repaying borrowings under the operating partnership's revolving credit facility.
Kilroy is a Los Angeles-based real estate investment trust.
| Issuer: | Kilroy Realty Corp.
|
| Securities: | Series H cumulative redeemable preferred stock
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| Amount: | $100 million, or 4 million shares
|
| Maturity: | Perpetual
|
| Dividend: | 6.375%
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| Call option: | On or after Aug. 15, 2017 or in the event of a change of control
|
| Bookrunners: | Wells Fargo Securities LLC, Barclays, Bank of America Merrill Lynch and J.P. Morgan Securities LLC
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 15
|
| Cusip: | 49427F801
|
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