Published on 11/27/2017 in the Prospect News Investment Grade Daily.
New Issue: Kilroy Realty prices $425 million 3.45% seven-year senior notes at 125 bps spread
By Cristal Cody
Tupelo, Miss., Nov. 27 – Kilroy Realty, LP priced $425 million of 3.45% senior notes due Dec. 15, 2024 on Monday at a spread of 125 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes (Baa2/BBB) priced at 99.87 to yield 3.471%.
J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Barclays, BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.
The notes are guaranteed by general partner Kilroy Realty Corp.
Proceeds will be used to redeem all $325 million of outstanding 4.8% senior notes due 2018 and for general corporate purposes.
Kilroy Realty is a Los Angeles-based real estate investment trust with office and mixed-use submarkets along the West Coast.
| Issuer: | Kilroy Realty, LP
|
| Guarantor: | Kilroy Realty Corp.
|
| Amount: | $425 million
|
| Description: | Senior notes
|
| Maturity: | Dec. 15, 2024
|
| Bookrunners: | J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Barclays, BofA Merrill Lynch and Wells Fargo Securities LLC
|
| Senior co-managers: | BBVA Securities Inc., Citigroup Global Markets Inc. and SMBC Nikko Securities America, Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Comerica Securities, Inc., KeyBanc Capital Markets Inc., MUFG, PNC Capital Markets LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 3.45%
|
| Price: | 99.87
|
| Yield: | 3.471%
|
| Spread: | Treasuries plus 125 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Sept. 15, 2024; thereafter at par
|
| Trade date: | Nov. 27
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
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