New Issue: Kilroy Realty sells $500 million 3.05% notes due 2030 at 160 bps over Treasuries

By Devika Patel

Knoxville, Tenn., Sept. 3 – Kilroy Realty, LP priced $500 million of 3.05% senior guaranteed fixed-rate notes due Feb. 15, 2030 (Baa2/BBB) on Tuesday at a spread of 160 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

The notes priced at 99.878 to yield 3.064%.

Wells Fargo Securities LLC, Barclays, MUFG, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. were the bookrunners.

Proceeds will be used for general corporate purposes, including debt repayment.

Kilroy Realty is a Los Angeles-based real estate investment trust with office and mixed-use submarkets along the West Coast. The notes are guaranteed by general partner Kilroy Realty Corp.

Issuer:	Kilroy Realty, LP
Guarantor:	Kilroy Realty Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	Feb. 15, 2030
Bookrunners:	Wells Fargo Securities LLC, Barclays, MUFG, SMBC Nikko Securities America, Inc. and U.S. Bancorp Investments Inc.
Senior co-managers:	BofA Securities, Inc., PNC Capital Markets LLC, RBC Capital Markets LLC and Scotia Capital (USA) Inc.
Co-managers:	BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Comerica Securities, Inc., J.P. Morgan Securities LLC and KeyBanc Capital Markets LLC
Coupon:	3.05%
Price:	99.878
Yield:	3.064%
Spread:	Treasuries plus 160 bps
Call:	Make-whole call at Treasuries plus 25 bps until Nov. 15, 2029, then a par call
Trade date:	Sept. 3
Settlement date:	Sept. 17
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered

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