Kilroy Realty (KRC) Announces Selling 6M Shares

May 28, 2009 4:41 PM EDT

Kilroy Realty Corporation (NYSE: KRC) announced that it has commenced a public offering of 6,000,000 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 900,000 additional shares of common stock to cover overallotments, if any. Merrill Lynch & Co. and J.P.Morgan will serve as the joint book-running managers.

The company plans to contribute the net proceeds from the offering to Kilroy Realty, L.P., the company’s operating partnership. The operating partnership will subsequently use the net proceeds to repay a portion of the borrowings under its unsecured revolving credit facility. The company intends to reborrow amounts under the unsecured revolving credit facility from time to time for general corporate purposes, including potentially for the repayment of long-term debt.

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