LOS ANGELES, Sept. 15, 2000 (PRIMEZONE) -- Kilroy Realty Corporation (NYSE:KRC) today reported that it obtained a new $100 million unsecured credit facility that has a term of two years with two one-year extension options. The new facility was syndicated to eight members of the company's 15-member bank group and was led by Chase Securities and J.P. Morgan. The facility has the same terms and conditions as the company's existing $400 million unsecured revolving line of credit and currently bears interest at LIBOR plus 1.50%. The interest rate varies from LIBOR plus 1.125% to 1.75%, depending upon the company's leverage ratios. The company will use the funds pay down its line of credit.
Chase Securities and J.P. Morgan co-arranged the facility and acted as lead agents with Commerzbank, the documentation agent. Participants in the facility are Bank of Nova Scotia, Citizens Bank of Rhode Island, KBC Bank, KeyBank, and PNC Bank.
Kilroy Realty Corporation is a Southern California-based real estate investment trust active in the commercial office and industrial property sectors. The company has a 50-year history of owning, developing, acquiring and managing real estate assets in the coastal regions of California and Washington. Principal submarkets for the company's current development projects include Calabasas, West Los Angeles, and coastal San Diego, where the company's total development program is over $545 million. At June 30, 2000, the company owned 6.3 million square feet of commercial office space and 6.2 million square feet of industrial space. More information on Kilroy Realty can be found at www.kilroyrealty.com.