Kilroy Realty Recasts Its $1.1 Billion Sustainability-Linked Unsecured Revolving Credit Facility
Kilroy Realty Corporation (NYSE: KRC) (the “Company”), today announced that its operating partnership, Kilroy Realty, L.P. (the “Borrower”), has closed on an amended and restated senior unsecured revolving credit facility that permits borrowings of up to $1.1 billion (the “Revolving Credit Facility”). The term of the Revolving Credit Facility was extended three years and goes through July 31, 2028 before extension options.
“We are extremely pleased to announce the recast of our revolving credit facility, which has allowed us to extend the maturity of the facility by three years, while maintaining total available borrowing capacity,” stated Angela Aman, Chief Executive Officer of the Company. “Our strong banking partnerships continue to provide Kilroy with robust liquidity and financial flexibility as we look to capture outsized growth opportunities and create value for all stakeholders.”
The Revolving Credit Facility also features a sustainability-linked pricing component whereby the pricing can improve by 1 basis point per annum if the Borrower meets certain sustainability performance targets as verified by an independent third-party. Additionally, the Borrower may elect to borrow, subject to additional lender commitments and the satisfaction of certain conditions, up to an additional $500 million under the Revolving Credit Facility pursuant to an accordion feature. The Borrower expects to use the Revolving Credit Facility for general corporate purposes, including funding acquisition, development and redevelopment projects, and repaying debt.
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Revolving Credit Facility Key Terms Overview
|
Amended and Restated Revolving Credit Facility |
Old Revolving Credit Facility |
Amount |
$1.1B |
$1.1B |
SOFR Borrowing Spread (1) |
90 bps |
90 bps |
SOFR Credit Spread Adjustment |
10 bps |
10 bps |
Annual Facility Fee (1) |
20 bps |
20 bps |
Maturity Date before Extension Options |
July 31, 2028 |
July 31, 2025 |