Undrawn facility has a three year term plus a one year extension
Global real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that its wholly-owned
subsidiary Kennedy-Wilson, Inc. has entered into an unsecured corporate
revolving credit facility of $475 million. The facility currently has no
outstanding balance and is currently available to be drawn as needed.
The nine member banking syndicate includes all six previous lenders,
including Bank of America, N.A., JPMorgan Chase Bank, NA, U.S. Bank
National Association, Deutsche Bank AG New York Branch, East West Bank,
and Bank of Ireland. Additionally, three new strategic banking partners
- Fifth Third Bank, BBVA Compass, and City National Bank - joined the
banking syndicate.
“We are pleased to strengthen and expand our banking relationships with
this new facility and we appreciate the ongoing support of our banking
partners,” said William McMorrow, chairman and CEO of Kennedy Wilson.
“This accomplishment adds to our already strong liquidity position and
is a reflection of the confidence our key banks have in our business
strategy going forward.”
Due to the growth in its total assets, equity and recurring income,
Kennedy Wilson has been able to significantly expand its credit facility
since entering the public market in 2009 with a $30 million line of
credit. Simultaneous with the signing of this new facility, Kennedy
Wilson terminated its previously existing $300 million corporate
unsecured line of credit.
Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan
Securities LLC acted as Joint Bookrunners, and Bank of America, N.A.
will serve as Administrative Agent for the revolving credit facility.
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. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, our development and redevelopment costs may be
materially different than our current projections, we may not be able to
maintain our current acquisition pace or identify future properties to
acquire on terms we consider attractive, and our current property
portfolio may not perform as expected. There is also no certainty that
we will develop or redevelop any projects that we currently have in our
development portfolio. Accordingly, you should not unduly rely on these
statements, which speak only as of the date of this press release. We
assume no duty to update the forward-looking statements, except as may
be required by law.
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