Market Overview

Kilroy Realty Corporation Announces Commencement of Public Offering of Series G Cumulative Redeemable Preferred Stock

Kilroy Realty Corporation (NYSE: KRC) today announced that it has commenced a public offering of its Series G Cumulative Redeemable Preferred Stock. In addition, the Company expects to grant to the underwriters for the public offering a 30-day option to purchase additional shares of Series G Cumulative Redeemable Preferred Stock to cover overallotments, if any. The Company plans to file an application to list the Series G Cumulative Redeemable Preferred Stock on the New York Stock Exchange. If the application is approved, trading of the Series G Cumulative Redeemable Preferred Stock on the New York Stock Exchange is expected to begin within 30 days after the initial issuance of the Series G Cumulative Redeemable Preferred Stock. Wells Fargo Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital, and J.P. Morgan will act as joint book-running managers.

The Company intends to use the net proceeds from this offering for the redemption of all outstanding shares of its 7.80% Series E Cumulative Redeemable Preferred Stock and for other general corporate purposes, which may include the potential redemption of a portion of the outstanding shares of its 7.50% Series F Cumulative Redeemable Preferred Stock, acquiring properties and repaying outstanding indebtedness, including borrowings under our operating partnership's credit facility. The aggregate redemption price of the Company's 7.80% Series E Cumulative Redeemable Preferred Stock is approximately $40.3 million, plus accrued dividends. Pending application of the net proceeds for those purposes, the Company may temporarily invest such net proceeds in marketable securities.

Posted-In: News Financing Offerings

 

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