Kilroy Realty expands credit facilities to $1.5B total capacity

Kilroy Realty Corporation (NYSE: KRC) has closed on a restructured revolving credit facility and an amended term loan facility, increasing its total borrowing capacity and extending maturity dates on both arrangements.

The new revolving credit facility allows borrowings of up to $1.25 billion, up from the previous $1.10 billion, and matures July 31, 2030, a two-year extension from the prior maturity of July 31, 2028. The SOFR borrowing spread was reduced to 100 basis points from 110 basis points, and the 10-basis-point SOFR credit spread adjustment was eliminated. Two six-month extension options remain available.

The amended term loan facility was increased to $250 million from $200 million and matures July 31, 2031, compared with the prior maturity of October 3, 2026. The SOFR borrowing spread on the term loan was reduced to 115 basis points from 120 basis points, and the 10-basis-point credit spread adjustment was also removed. Of the $250 million total, $200 million was previously outstanding and remains so, while $50 million represents additional delayed draw commitments available through June 11, 2027.

Both facilities were syndicated to a group of U.S. and international banks. JPMorgan Chase Bank, N.A. served as administrative agent for both, with BofA Securities, Wells Fargo Securities, PNC Capital Markets, and U.S. Bank National Association acting as joint lead arrangers and bookrunners.

"We are pleased to announce the recast of our Revolving Credit and Term Loan Facilities, which has allowed us to extend the maturity dates, improve pricing, and increase total available borrowing capacity," said Angela Aman, Chief Executive Officer of Kilroy Realty.

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