Kilroy Realty Corporation Announces Commencement of Public Offering of Common Stock
Kilroy Realty Corporation (NYSE: KRC) today announced that it has commenced a public offering of 4,500,000 shares of common stock. In addition, the Company expects to grant to the underwriters for the public offering a 30-day option to purchase up to 675,000 additional shares of common stock. BofA Merrill Lynch, Barclays, J.P. Morgan and Wells Fargo Securities will act as joint book-running managers.
The Company plans to contribute the net proceeds from the offering to the Company's operating partnership. The operating partnership plans to use the net proceeds from the offering for general corporate purposes, which may include acquiring properties (including office properties and undeveloped land), funding development and redevelopment projects, and repaying outstanding indebtedness, including borrowings under the operating partnership's revolving credit facility and term loan. Pending application of the net proceeds for those purposes, the operating partnership may temporarily invest such net proceeds in marketable securities.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.