Kilroy Realty Corp. said that its operating partnership has closed a half-billion dollar unsecured revolving credit facility.
The Los Angeles real estate investment trust, whose portfolio includes office, industrial and multi-purpose properties, said that Kilroy Realty LP plans to use the credit for general corporate purposes, including funding an acquisition and repaying debt. The REIT’s properties are primarily in the coastal regions of Los Angeles, Orange, and San Diego counties and the San Francisco Bay Area.
The credit line has a new term of three years plus a one-year extension option. The facility was syndicated to a group of 17 U.S. and international banks led by J.P. Morgan Securities Inc. and Banc of America Securities LLC. Local participants included Cathay United Bank Ltd. and the Los Angeles Branch of Chang Hwa Commercial Bank Ltd.
Shares were up 1 cent, or less than a percent, to $30.79 in midday trading on the New York Stock Exchange.