Kilroy Realty Launches Public Offering Of 4.5 Mln Shares

(RTTNews) - Kilroy Realty Corp. (KRC) said Wednesday that it has commenced a public offering of 4.5 million shares of common stock.

The company also expects to grant to the underwriters a 30-day option to purchase up to an additional 675,000 shares of common stock.

The company said it plans to use the net proceeds from the offering for general corporate purposes, which may include acquiring properties, funding development and redevelopment projects, and repaying indebtedness, which may include borrowings under the operating partnership's revolving credit facility and term loan facility.

Pending application of the net proceeds for those purposes, the operating partnership may temporarily invest such proceeds in marketable securities.