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Kilroy Realty to price $350 million green notes due 2033; talk Treasuries plus 140-145 bps area
By Marisa Wong and Cristal Cody
Los Angeles, Sept. 23 – Kilroy Realty LP plans to price $350 million of green senior notes due Nov. 15, 2033, according to a market source and additional details from a 424B5 filing with the Securities and Exchange Commission.
The notes, which are guaranteed by Kilroy Realty Corp., are talked to yield in the Treasuries plus 140 basis points to 145 bps area.
Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are the joint bookrunners.
The notes will feature a make-whole call and then a par call.
Kilroy intends to allocate some of the proceeds to Kilroy Oyster Point (Phase 1), an office and life science development project in South San Francisco, which it expects to receive LEED Gold certification and to qualify as an eligible green project. However, the company may choose to allocate or reallocate some or all of the proceeds to one or more other eligible green projects.
Kilroy is a Los Angeles-based real estate investment trust that manages properties in the coastal regions of Greater Los Angeles, Orange County, San Diego County, the San Francisco Bay Area and Greater Seattle.
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