Kilroy Realty Corporation Obtains $350 Million Unsecured Credit Facility
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Tyler H. Ros
Senior Vice President
LOS ANGELES, February 25, 1998 - Kilroy Realty Corporation (NYSE: KRC) today reported that it obtained a new $350 million unsecured revolving credit facility replacing its previous $250 million secured revolving credit line. The new facility, which matures in February 2000, was syndicated to a group of eleven U.S. and international banks led by J.P. Morgan. It bears interest at LIBOR plus 1.00% to 1.25%, depending upon the company's leverage ratios. In addition, pricing will be further reduced upon achievement of investment grade credit ratings. The company will use the facility to finance acquisitions and development, and for general corporate purposes.
J.P. Morgan arranged the syndicate of eleven banks, and is acting as the lead agent for the facility with Dresdner Bank, Bank of Montreal, PNC Bank, Commerzbank and Union Bank of California as co-agents. Other participants include KeyBank, CoreStates Bank, Kredietbank, Mellon Bank and Summit Bank.
Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At December 31, 1997, the company owned 9.2 million square feet of office and industrial space.