By Angela McDaniels
Tacoma, Wash., Sept. 14 – Kilroy Realty Corp.’s operating partnership, Kilroy Realty, LP, has agreed to sell $250 million of senior notes in a private placement, according to a company news release.
The operating partnership expects to issue $175 million of 3.35% series A notes due Feb. 17, 2027 and $75 million of 3.45% series B notes due Feb. 17, 2029.
The operating partnership expects to issue the notes by Feb. 17.
Barclays acted as the placement agent.
Proceeds will be used to refinance existing debt, to redeem preferred stock and for general corporate purposes.
“The delayed drawdown feature combined with our recently announced joint venture will allow us to efficiently manage our development expenditures and potential redemption of our preferred stock in 2017,” chief financial officer Tyler Rose said in the news release.
The notes have not been and will not be registered under the U.S. Securities Act of 1933.
Kilroy Realty is a real estate investment trust based in Los Angeles.
| Issuer: | Kilroy Realty, LP
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Agent: | Barclays
|
| Pricing date: | Sept. 14
|
| Settlement date: | By Feb. 17
|
| Distribution: | Private placement
|
|
|
| Series A notes
|
| Amount: | $175 million
|
| Maturity: | Feb. 17, 2027
|
| Coupon: | 3.35%
|
|
|
| Series B notes
|
| Amount: | $75 million
|
| Maturity: | Feb. 17, 2029
|
| Coupon: | 3.45%
|
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