Kilroy Prices Public Offering At $20 Per Share

LOS ANGELES (AP) — Real estate investment trust Kilroy Realty Corp. said Friday it priced its public offering of 8.75 million shares of common stock at $20 per share.

Kilroy, which is selling all the shares, said it expects to receive about $166.7 million in proceeds from the offering. The company said it will give the proceeds to its operating partnership Kilroy Realty L.P., which will use the money to repay a portion of the borrowings under it unsecured revolving credit facility.

The offering is expected to close on June 3.

The company said the underwriters have been granted a 30-day option to buy up to about 1.3 million addition shares to cover overallotments.

Shares fell 94 cents, or 4.3 percent, to $20.88 in electronic premarket trading. The stock ended Thursday's trading at $21.82.