Kilroy Realty Prices Public Offering Of 5.50 Mln At $50/shr - Quick Facts

(RTTNews) - Kilroy Realty Corp. (KRC) announced that it has priced its public offering of 5.50 million shares of its common stock at $50.00 per share.

The offering is expected to close on or about Tuesday, September 17, 2013, subject to customary closing conditions. The underwriters for the public offering have been granted a 30-day option to purchase up to an additional 825,000 shares of common stock.

The company expects that net proceeds from the offering to be about $263.6 million, before giving effect to any purchase by the underwriters of additional shares.

The company noted that it intends to use the net proceeds from the offering for general corporate purposes, which may include acquiring properties (including office properties and undeveloped land), 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.