Kilroy Realty (KRC) Prices 8.75M Shares at $20/Share
Kilroy Realty Corporation (NYSE: KRC) today announced that it has priced its public offering of 8,750,000 shares of its common stock at $20.00 per share. The offering is expected to close on Wednesday, June 3, 2009, subject to satisfaction of closing conditions. The underwriters for the public offering have been granted a 30-day option to purchase up to 1,312,500 additional shares of common stock to cover overallotments, if any.
All of the shares are being sold by Kilroy Realty Corporation. Merrill Lynch & Co. and J.P.Morgan acted as the joint book-running managers. The estimated net proceeds from the offering are expected to be approximately $166.7 million, before giving effect to any exercise of the underwriters' overallotment option.
The company plans to contribute the net proceeds from the offering to Kilroy Realty, L.P., the company's operating partnership.
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