- Kilroy Realty (NYSE:KRC) amends and restates its unsecured revolving credit facility, expanding its size to $1.1B from $750M, reducing it borrowing cost, and extending its maturity date to July 31, 2025.
- Now bears interest at LIBOR + 0.900% and includes a 20 basis point facility fee; interest rate and facility fee vary dependent on KRC's credit ratings.
- Also features a sustainability-linked pricing component in which the pricing can improve by 0.01% if the borrower meets certain sustainability performance targets as determined by an independent third-party evaluation.
- KRC's operating partnership can also elect to borrow up to and additional $500M under an accordion feature.
- The amended and restated credit agreement also has two six-month extension options.
- Kilroy paid $61.7M of cash interest in FY 2020, up from $43.6M in 2019; in the past 10 years its peak cash interest payment was $71.6M in 2012 as seen in chart below.
