Published on 8/3/2020 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Kilroy Realty prices $425 million of 2.5% green notes due 2032 at 200 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 3 – Kilroy Realty, LP priced an upsized $425 million of 2.5% guaranteed green senior notes due Nov. 15, 2032 on Monday at 99.364 to yield 2.561%, or a spread of 200 basis points over Treasuries, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes (Baa2/BBB) were talked to price at the 240 bps spread area.
The deal was upsized from $350 million.
BofA Securities Inc., Jefferies LLC, BBVA Securities Inc., Citigroup Global Markets Inc. and Scotia Capital (USA) Inc. were the bookrunners.
The issue is guaranteed by general partner Kilroy Realty Corp.
Proceeds will be used for one or more eligible green projects, which may include the development or redevelopment of those projects.
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.
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| Amount: | $425 million
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| Description: | Senior notes
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| Maturity: | Nov. 15, 2032
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| Bookrunners: | BofA Securities Inc., Jefferies LLC, BBVA Securities Inc., Citigroup Global Markets Inc. and Scotia Capital (USA) Inc.
|
| Senior co-managers: | Barclays, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Comerica Securities, Inc., KeyBanc Capital Markets Inc., MUFG, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments, Inc.
|
| Coupon: | 2.5%
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| Price: | 99.364
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| Yield: | 2.561%
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| Spread: | Treasuries plus 200 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps before Aug. 15, 2032; thereafter at par
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| Trade date: | Aug. 3
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| Settlement date: | Aug. 12
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 240 bps area
|
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