KILROY REALTY CORP (KRC): debt financing — Kilroy Realty recasts $1.1B revolving credit facility, extends maturity to July 2028

KILROY REALTY CORP

New $1.1B sustainability-linked unsecured revolving credit facility matures July 31, 2028, with two 6-month extension options.
Borrowing spread at SOFR + 90 bps + 10 bps credit spread adjustment; facility fee 20 bps (ratings-based).
Entered $200M term loan facility, maturity extended to October 3, 2027; proceeds used to pay down existing term loans.
Accordion feature allows up to $1.6B total commitments on revolver; $330M on term loan facility.
Replaces prior credit agreement from April 2021; existing $520M term loan reduced to $320M with extended maturity.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KILROY REALTY CORP incurred term loan of $200 million with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions at SOFR-based rate option plus a credit spread adjustment of 0.10% per annum and an.

Instrument: term loan
Principal: $200 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions
Rate: SOFR-based rate option plus a credit spread adjustment of 0.10% per annum and an
Event: incurrence

Exact text from the filing

Term Loan Facility On March 6, 2024, the Operating Partnership, as borrower, entered into a term loan agreement (the “Term Loan Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders. The Term Loan Agreement provides for a $200 million senior unsecured term loan facility (the “Term Loan Facility”), the full amount of which was borrowed at closing.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KILROY REALTY CORP incurred credit facility of $1.1 billion with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions at SOFR plus a credit spread adjustment of 0.10% per annum and an applicable margin maturing July 31, 2028.

Instrument: credit facility
Principal: $1.1 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions
Rate: SOFR plus a credit spread adjustment of 0.10% per annum and an applicable margin
Maturity: July 31, 2028
Event: incurrence

Exact text from the filing

Revolving Credit Facility On March 6, 2024, Kilroy Realty, L.P. (the “Operating Partnership”), as borrower, entered into a fourth amended and restated credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders, which amends and restates and replaces in its entirety that certain third amended and restated credit agreement, dated as of April 20, 2021, by and among the Operating Partnership, JPMorgan Chase Bank, N.A., as administrative agent and a lender, and the other lenders named therein. The Credit Agreement provides for a senior unsecured revolving credit facility (the “Credit Facility”) that permits borrowings of up to $1.1 billion

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

KILROY REALTY CORP entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders valued at up to $1.1 billion (effective 2024-03-06).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders
Value: up to $1.1 billion
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, Kilroy Realty, L.P. (the “Operating Partnership”), as borrower, entered into a fourth amended and restated credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders, which amends and restates and replaces in its entirety that certain third amended and restated credit agreement, dated as of April 20, 2021, by and among the Operating Partnership, JPMorgan Chase Bank, N.A., as administrative agent and a lender, and the other lenders named therein.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

KILROY REALTY CORP entered into Term Loan Agreement with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders valued at $200 million senior unsecured term loan facility (effective 2024-03-06).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders
Value: $200 million senior unsecured term loan facility
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, the Operating Partnership, as borrower, entered into a term loan agreement (the “Term Loan Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and a lender, and certain other financial institutions party thereto as lenders.

View on SEC.gov

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Source: SEC EDGAR

accession 0001025996-24-000101

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