Kilroy Realty Corporation Upsizes Unsecured Credit Facility to $550 Million
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LOS ANGELES--(BUSINESS WIRE)--April 26, 2006--Kilroy Realty Corporation (NYSE:KRC) today reported that it modified its unsecured revolving credit facility to increase the size to $550 million and to extend the term an additional two and a half years to April 2010, with an option to extend the maturity for one additional year. The facility was syndicated to a group of nineteen U.S. and international banks led by J.P. Morgan Securities Inc. and Banc of America Securities LLC, which acted as joint lead arrangers and joint bookrunners. The unsecured line bears interest at LIBOR plus 0.85% to LIBOR plus 1.35%, depending upon the company's leverage ratio at the time of borrowing. The company will use the facility to finance its development pipeline and for other general corporate purposes.
JP Morgan Chase Bank, N.A. will be the administrative agent for the facility. Bank of America, N.A., Commerzbank AG, and Wachovia Securities, National Association acted as syndication agents and KeyBank, National Association and PNC Bank, National Association acted as co-documentation agents. The Bank of Nova Scotia, Bank of the West, Emigrant Bank, The Royal Bank of Scotland plc, Union Bank of California, and U.S. Bank acted as co-agents for the facility. Other participants include Allied Irish Banks, p.l.c., Comerica Bank, KBC Bank, N.V., Sumitomo Mitsui Banking Corporation, Cathay United Bank, Chang Hwa Commercial Bank, LTD., and Chevy Chase Bank.
Kilroy Realty Corporation, a member of the S&P Small Cap 600 Index, is a Southern California-based real estate investment trust active in the office and industrial property sectors. For more than 50 years, the company has owned, developed, acquired and managed real estate assets primarily in the coastal regions of California and Washington. Kilroy Realty currently has an in-process development pipeline of approximately 861,000 square feet of office space in San Diego County. At March 31, 2006, the company owned 7.9 million rentable square feet of commercial office space and 4.4 million rentable square feet of industrial space. More information is available at www.kilroyrealty.com.