New Issue: Kilroy Realty sells $400 million 4.75% 10-year green notes at 168 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Nov. 14 – Kilroy Realty, LP sold $400 million of 4.75% 10-year guaranteed green senior notes on Wednesday at 99.634 to yield 4.796%, according to an FWP filed with the Securities and Exchange Commission.

The notes (Baa2/BBB) priced at a spread of 168 basis points over Treasuries.

J.P. Morgan Securities LLC, BofA Merrill Lynch, BBVA Securities Inc., Jefferies LLC and Wells Fargo Securities LLC were the bookrunners.

The issue is guaranteed by general partner Kilroy Realty Corp.

Proceeds from the deal will be used for eligible green 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.
Amount:	$400 million
Description:	Senior notes
Maturity:	Dec. 15, 2028
Bookrunners:	J.P. Morgan Securities LLC, BofA Merrill Lynch, BBVA Securities Inc., Jefferies LLC and Wells Fargo Securities LLC
Senior co-managers:	Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., MUFG, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc.
Co-managers:	BNP Paribas Securities Corp., Comerica Securities, Inc., RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc.
Coupon:	4.75%
Price:	99.634
Yield:	4.796%
Spread:	Treasuries plus 168 bps
Call features:	Make-whole call at Treasuries plus 30 bps before Sept. 15, 2028; thereafter at par
Trade date:	Nov. 14
Settlement date:	Nov. 29
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered

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