Kennedy-Wilson, Inc. (“Kennedy Wilson”), a wholly owned subsidiary of
global real estate investment and services company Kennedy-Wilson
Holdings, Inc. (NYSE: KW), today announced that it priced its
previously announced offering of an additional $350 million of its
5.875% senior notes due 2024 (the “Notes”). The Notes will be issued as
additional notes under the indenture pursuant to which Kennedy Wilson
issued $300 million aggregate principal amount of its 5.875% Senior
Notes due 2024 (the “Initial Notes”) in March 2014. The Notes will have
substantially identical terms as the Initial Notes and will be treated
as a single series with the Initial Notes under the indenture. Holders
of the Notes and the Initial Notes will vote as one class under the
indenture. The Notes will be Kennedy Wilson’s senior unsecured
obligations and will be guaranteed by Kennedy-Wilson Holdings, Inc. and
certain subsidiaries of Kennedy Wilson. Closing of the offering is
expected to occur on November 18, 2014, subject to customary closing
conditions.
Kennedy Wilson intends to use the net proceeds from the offering
together with cash on hand to redeem all of its outstanding 8.750%
senior notes due 2019.
The offering is being made pursuant to an effective shelf registration
statement filed with the U.S. Securities and Exchange Commission
(“SEC”). A preliminary prospectus supplement and accompanying prospectus
describing the terms of the offering has been filed with the SEC and is
available on its website at www.sec.gov.
In connection with the offering, BofA Merrill Lynch, Deutsche Bank
Securities, J.P. Morgan and US Bancorp are acting as joint book-running
managers. Copies of the preliminary prospectus supplement and, when
available, the final prospectus supplement, together with the
accompanying prospectus, may be obtained from BofA Merrill Lynch, 222
Broadway, 11th Floor, New York, NY 10038, at Attention:
Prospectus Department or email: dg.prospectus_requests@baml.com,
or from Deutsche Bank Securities, Attn.: Prospectus Group, 60 Wall
Street, New York, NY 10005-2836, or email: prospectus.CPDG@db.com,
Tel: (800) 503-4611, or from J.P. Morgan, 383 Madison Avenue, 3rd
Floor, New York, NY 10179, Attention: Syndicate Desk, Tel:
1-800-245-8812, or from US Bancorp, 214 N. Tryon St., 26th
Floor, Charlotte, NC, Tel: 1-877-558-2607.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or other jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the security laws of that state or other
jurisdiction.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real
estate investment and services company headquartered in Beverly Hills,
CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and
Japan. The company, on its own or with partners, invests
opportunistically in a variety of real estate related investments,
including commercial, multifamily, loan purchases and originations,
residential, and hotels. Kennedy Wilson offers a comprehensive array of
real estate services including investment management, property services,
auction, conventional sales, brokerage and research.
Copyright Business Wire 2014