Kilroy greenshoe exercised, ups 4.25% convertibles to $172.5 million

By Marisa Wong

Milwaukee, Nov. 25 - Kilroy Realty LP, the operating partnership of Kilroy Realty Corp., announced that the underwriters of its previously announced offering of 4.25% exchangeable senior notes due 2014 exercised the $22.5 million over-allotment option in full, increasing the size of the offering to $172.5 million.

Kilroy priced $150 million of five-year exchangeables on Nov. 16 to yield 4.25% with an initial conversion premium of 17.5%.

The Rule 144A offering was sold via joint bookrunners J.P. Morgan Securities Inc. and Bank of America Merrill Lynch.

Proceeds of the offering will be used to repay debt and for general corporate purposes.

Los Angeles-based Kilroy owns, operates and develops suburban office and industrial real estate in southern California.

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