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Kilroy Realty amends and restates $1.1 billion revolving facility
Chicago, April 20 – Kilroy Realty Corp. said that it amended and restated its $1.1 billion revolver on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The borrower is Kilroy Realty, LP.
The facility was previously sized at $750 million.
The maturity date has been extended to July 31, 2025 with two six-month extension options.
The facility has the capacity to be increased to $1.6 billion, subject to obtaining lender commitments and the satisfaction of certain customary conditions.
Interest ranges from Libor plus 72.5 basis points to Libor plus 145 bps, but starts at Libor plus 90 bps.
The commitment fee is 12.5 bps to 30 bps. The commitment fee is initially 20 bps.
Both rates are dependent upon credit ratings.
Should the borrower accomplish certain sustainability performance targets, pricing can improve by 1 bp.
Libor will be replaced by SOFR at the appropriate time.
The company must maintain a maximum total debt to total asset value of less than 60%, a fixed-charge coverage ratio of greater than 1.5x, an unsecured debt ratio of greater than 1.67x and unencumbered asset pool debt service coverage of greater than 1.75x.
JPMorgan Chase Bank, NA, BofA Securities, Inc. and Wells Fargo Securities, LLC were joint lead arrangers and joint bookrunners.
PNC Capital Markets LLC and U.S. Bank NA acted as joint lead arrangers.
J.P. Morgan Securities LLC and BofA Securities, Inc. are the sustainability structuring agents.
JPMorgan is the administrative agent. Bank of America, NA is the syndication agent.
Wells Fargo Bank, NA, PNC Bank, NA, U.S. Bank NA, Bank of the West, Barclays Bank plc, MUFG Union Bank, NA, Sumitomo Mitsui Banking Corp., and Bank of Nova Scotia acted as co-documentation agents.
Other participants in the facility include Citigroup Global Markets Inc., Comerica Bank, KeyBank NA, Bank of New York Mellon and Associated Bank, NA.
Kilroy is a real estate investment trust based in Los Angeles.
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