Kilroy begins tender offer for its $298 million 3.25% exchangeables

By Susanna Moon

Chicago, May 17 - Kilroy Realty Corp. said it began a cash tender offer by its operating partnership, Kilroy Realty, LP, for its $298 million principal amount of outstanding 3.25% exchangeable senior notes due 2012.

The tender offer will end at 5 p.m. ET on June 15.

Kilroy will pay par plus accrued interest up to the payment date, which is expected to be three business days following the expiration.

The offer is not conditioned on the tender of a minimum amount of notes.

J.P. Morgan Securities Inc. (800 261-5767), Banc of America Securities LLC (888 292-0070 or collect 980 388-9217) and Barclays Capital Inc. (800 438-3242 or collect 212 528-758) are the dealer managers.

U.S. Bank NA is the depository. Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the information agent.

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

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