Kilroy Realty Corporation Obtains $400 Million Unsecured Credit Facility
|View printer-friendly version|
LOS ANGELES, Nov. 9 /PRNewswire/ -- Corporation (NYSE: KRC) today reported that it obtained a new $400 million unsecured revolving credit facility replacing its previous $350 million unsecured revolving credit line. The new three-year facility, which matures in November 2002, was syndicated to a group of fifteen U.S. and international banks led by J.P. Morgan and Chase Securities. It currently bears interest at LIBOR plus 1.375% and varies from LIBOR plus 1.125% to 1.75%, depending upon the company's leverage ratios. The company will use the facility to finance its development pipeline, fund acquisitions and for general corporate purposes.
J.P. Morgan and Chase Securities arranged the syndicate of fifteen banks, and are acting as lead agents for the facility with Commerzbank, First Union Bank, Bank One and PNC Bank as managing agents. The co-agents in the facility are Dresdner Bank, KeyBank, Bank of Nova Scotia and Union Bank of California. Other participants include Mellon Bank, Summit Bank, Citizens Bank of Rhode Island, KBC Bank and Chang Hwa Commercial Bank.
Kilroy Realty Corporation is a Southern California-based real estate investment trust active in the commercial office and industrial property sectors. Principal submarkets for the company's development projects include Los Angeles, San Diego, Long Beach and Orange County, where the company's total development program exceeds $480 million. At September 30, 1999, the company owned 6.2 million square feet of commercial office space and 6.4 million square feet of industrial space. More information on Kilroy Realty can be found at www.kilroyrealty.com.
SOURCE Kilroy Realty Corporation