Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed, on October 3, 2022, Kilroy Realty, L.P. (the "Operating
Partnership") entered into a term loan agreement (the "Term Loan Agreement"),
that provided for an unsecured delayed draw term loan facility (the "Term Loan
Facility"), with the lenders party thereto from time to time and JPMorgan Chase
Bank, N.A., as administrative agent. The Term Loan Facility provided for
borrowings of up to $400 million. The Term Loan Facility also included an
accordion feature to increase the term loan commitments or add one or more
tranches of term loans up to an aggregate amount of $500 million, subject to
obtaining lender commitments and the satisfaction of certain customary
conditions. The Term Loan Facility is guaranteed by Kilroy Realty Corporation.
On January 27, 2023, the Operating Partnership entered into an amendment to the
Term Loan Agreement to (i) exercise the accordion feature under the Term Loan
Agreement to provide for borrowings of up to $500 million and (ii) increase the
capacity under the accordion feature to provide additional term loan commitments
or add one or more tranches of term loans up to an aggregate amount of
$650 million, subject to obtaining lender commitments and the satisfaction of
certain customary conditions. The other terms and conditions of the Term Loan
Facility remain unchanged.
The foregoing descriptions of the Amendment are only summaries and are qualified
in their entirety by reference to the full text of the Amendment, a copy of
which will be filed as an exhibit to the Company's and the Operating
Partnership's Quarterly Report on Form
10-Q
for the quarter ended March 31, 2023.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance
Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is incorporated herein by reference.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses