Kilroy Realty prices public offering of common stock

Tue. June 02, 2009; Posted: 02:24 PM

Jun 02, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- KRC | Quote | Chart | News | PowerRating -- Update on May 29, 2009:

Kilroy Realty Corporation, a US-based real estate investment trust, has priced a public offering of 8.75 million of its common stock at $20 per share for total proceeds of $175 million.

Kilroy Realty has granted the underwriters a 30-day option to purchase up to an additional 1.31 million shares of common stock to cover overallotments, if any.

The offering is expected to close on June 3, 2009.

Announcement (May 28, 2009):

Kilroy Realty has commenced a public offering of 6 million shares of its common stock.

Kilroy Realty expects to grant the underwriters a 30-day option to purchase up to 0.9 million additional shares of common stock to cover over allotments.

Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, Inc. are acting as joint book-running managers for the offering.

Deal Value (US$ Million) 175
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Announced: 2009-05-28

Deal Participants

Target (Company) Kilroy Realty Corporation

Deal Rationale

Kilroy Realty plans to contribute the net proceeds from the offering to Kilroy Realty, L.P., the company's operating partnership. Kilroy Realty, L.P. would use the net proceeds to repay a portion of the borrowings under its unsecured revolving credit facility.

Offer Price ($ per share) 20
No. Shares Issued         8750000

For full details on Kilroy Realty Corp (KRC) click here. Kilroy Realty Corp (KRC) has Short Term PowerRatings of 4. Details on Kilroy Realty Corp (KRC) Short Term PowerRatings is available at This Link.

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