The loan has a variable rate pegged to the London Interbank Offered Rate plus 150 percent. Maguire entered a forward-starting interest rate swap agreement to hedge the loan, effectively fixing its interest rate at 7.06 percent.

Net proceeds of the refinancing were about $130 million, after repaying the existing $210 million mortgage loan, closing costs and loan reserves. It will use $110 million of the remaining funds to complete its repayment of a $400 million loan incurred for its April 2007 acquisition of California Equity Office Properties.

After refinancing the KPMG Tower and paying down its other loan, Maguire said about 88 percent of its outstanding debt is fixed or swapped to a fixed rate, at a weighted average interest rate of about 5.6 percent.

Maguire shares fell 73 cents, or 3.1 percent, to $23.14. Earlier, shares hit a new 52-week low of $22.98. The stock has ranged from $23.60 to $44.69 over the past year.