By Aleesia Forni
Virginia Beach July 30 – Kilroy Realty, LP sold $400 million of 4.25% 15-year senior notes with a spread of Treasuries plus 180 basis points on Wednesday, according to a market source and a FWP filed with the Securities and Exchange Commission.
The notes (Baa3/BBB-/) priced at the tight end of talk.
Pricing was at 98.882 to yield 4.352%.
Wells Fargo Securities LLC, Barclays, BofA Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners.
Kilroy plans to use proceeds from the offering for general corporate purposes, which may include acquiring properties, funding development and redevelopment projects and repaying outstanding debt.
The notes are guaranteed by Kilroy Realty Corp.
Kilroy is a Los Angeles-based real estate investment trust.
| Issuer: | Kilroy Realty, LP
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| Guarantor: | Kilroy Realty Corp.
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| Amount: | $400 million, upsized from $300 million
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| Description: | Senior notes
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| Maturity: | Aug. 15, 2029
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| Bookrunners: | Wells Fargo Securities LLC, Barclays, BofA Merrill Lynch, J.P. Morgan Securities LLC
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| Senior co-managers: | Jefferies LLC, U.S. Bancorp Investments, Inc.
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| Co-managers: | Comerica Securities, Inc., MUFG, SMBC Nikko Securities America Inc.
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| Coupon: | 4.25%
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| Price: | 98.882
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| Yield: | 4.352%
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| Spread: | Treasuries plus 180 bps
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| Trade date: | July 30
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| Settlement date: | Aug. 6
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| Ratings: | Moody’s: Baa3
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| Standard & Poor's: BBB-
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| Price talk: | Treasuries plus 185 bps area
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