Kilroy Realty Corporation announced that its operating partnership, Kilroy Realty, L.P. amended and restated its unsecured revolving credit facility. The amendment and restatement increased the size of the revolver from $750 million to $1.1 billion, reduced the borrowing costs and extended the maturity date to July 31, 2025 with two six-month extension options. The revolver now bears interest at LIBOR plus 0.900% and includes a 20 basis point facility fee. The interest rate and facility fee vary depending upon the Borrower’s credit ratings. The Credit Facility also features a sustainability-linked pricing component whereby the pricing can improve by 0.01% if the Borrower meets certain sustainability performance targets as determined by an independent third-party evaluation. Additionally, KRLP may elect to borrow, subject to additional lender commitments and the satisfaction of certain conditions, up to an additional $500 million under an accordion feature. The Borrower expects to use the Credit Facility for general corporate purposes, including funding acquisition, development and redevelopment projects, and repaying debt.

The Credit Facility was syndicated to a group of 15 U.S. and international banks led by JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Wells Fargo Securities, LLC which acted as joint lead arrangers and joint bookrunners. J.P. Morgan Securities LLC and BofA Securities, Inc. acted as sustainability structuring agents.

JPMorgan Chase Bank is the administrative agent for the Facility and Bank of America is the syndication agent. PNC Capital Markets and U.S. Bank acted as joint lead arrangers. Wells Fargo Bank, PNC Bank, U.S. Bank, Bank of the West, Barclays Bank PLC, MUFG Union Bank, Sumitomo Mitsui Banking Corporation, and The Bank of Nova Scotia acted as co-documentation agents. Other participants in the Facility include Citigroup Global Markets, Comerica Bank, KeyBank, The Bank of New York Mellon and Associated Bank.