Kilroy Realty Corporation Increases Credit Facility to $250 Million
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Tyler H. Rose
Senior Vice President
LOS ANGELES, November 3, 1997 - Kilroy Realty Corporation (NYSE: KRC) today reported that it has increased its secured revolving credit facility to $250 million from $200 million. The new facility, which matures in May 1999, was syndicated to a group of ten U.S. and international banks led by J.P. Morgan. It bears interest at a rate that ranges from LIBOR plus 1.375% to 1.50% depending upon the company's leverage ratios. The company will use the facility to finance acquisitions and development, and for general corporate purposes.
J.P. Morgan arranged the syndicate of ten banks, and is acting as the lead agent for the facility with Dresdner Bank, Bank of Montreal and PNC Bank as co-agents. Other participants include Commerzbank, KeyBank, Societe Generale, Union Bank of California, CoreStates Bank and Kredietbank.
Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At September 30, 1997, the company owned 3.1 million square feet of commercial office space and 3.8 million square feet of industrial space.