Kilroy Realty Corporation Obtains $150 Million Secured Credit Line
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LOS ANGELES, May 27, 1997 - Kilroy Realty Corporation (NYSE: KRC) today announced it has reached an agreement for a $150 million secured revolving credit facility, underwritten by J.P. Morgan. The facility has a two-year term with a one-year option, and will bear interest at the Eurodollar rate plus 1.50%. Kilroy said it will use the new credit line to help finance the company's aggressive growth program in California office and industrial property markets, and for general corporate purposes.
J.P. Morgan will also act as agent for the credit facility, and expects syndication to occur in mid-summer.
"This new credit facility will allow us to continue to pursue attractive acquisitions and development opportunities in our west coast markets," said Richard E. Moran Jr., Kilroy's chief financial officer. "It's another step forward in our continuing efforts to strengthen Kilroy's capital structure and maintain cost-efficient access to funding," he said. Kilroy Realty Corporation owns, operates and develops commercial and industrial properties, primarily in California. At March 31, 1997, the company owned 2.0 million square feet of commercial office space and 1.3 million square feet of industrial space.