Kilroy Realty to use stock offering proceeds to redeem 7.8% preferreds

By Tali David

Minneapolis, March 15 - Kilroy Realty Corp. plans to use the proceeds of a preferred stock offering to redeem all of its 7.8% series E cumulative redeemable preferred stock, the company announced in a press release.

Proceeds will also go toward other general corporate purposes, which may include the potential redemption of a portion of the outstanding shares of its 7.5% series F cumulative redeemable preferred stock, acquiring properties and repaying debt, including borrowings under the company's operating partnership's credit facility.

The redemption price of the 7.8% notes is about $40.3 million plus accrued dividends.

Kilroy owns, operates and develops suburban office and industrial real estate in southern California.

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