Kennedy Wilson Announces Proposed $500.0 Million Senior Notes Offering
2021年8月9日 - 9:23PM
ビジネスワイヤ(英語)
Kennedy-Wilson, Inc. (“Kennedy Wilson”), a wholly owned
subsidiary of global real estate investment company Kennedy-Wilson
Holdings, Inc. (NYSE:KW), today announced its intention to offer,
subject to market and other conditions, $500.0 million aggregate
principal amount of senior notes due 2030 (the “notes”). The notes
will be senior, unsecured obligations of Kennedy Wilson and will
accrue interest payable semi-annually in arrears. The notes will
mature on February 1, 2030, unless earlier repurchased or redeemed.
The interest rate and other terms of the notes will be determined
at the pricing of the offering.
Kennedy Wilson intends to use the net proceeds from the
offering, together with cash on hand, to redeem in full all of its
wholly owned subsidiary’s outstanding 3.95% fixed-rate senior
unsecured bonds due 2022 (the “KWE bonds”) (£219.8 million
outstanding principal amount, or approximately $306.2 million
outstanding principal amount based on the closing exchange rate on
August 5, 2021, provided by www.reuters.com, of $1.3931 per pound
sterling), including accrued and unpaid interest and related
premiums and expenses, and to repay approximately $189.3 million of
the outstanding principal balance under Kennedy Wilson’s revolving
line of credit. This press release does not constitute a notice of
redemption of any KWE bonds.
The offering is being made pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission (the “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.
BofA Securities, Inc., J.P. Morgan Securities LLC, Deutsche Bank
Securities Inc., U.S. Bancorp Investments, Inc., Fifth Third
Securities, Inc. and Goldman Sachs & Co. LLC are acting as
joint book-running managers, and PNC Capital Markets LLC and
Evercore Group L.L.C. are acting as co-managers, in connection with
the offering. Copies of the preliminary prospectus supplement and,
when available, the final prospectus supplement, together with the
accompanying prospectus, may be obtained from BofA Securities,
Inc., by mail at NC1-004-03-43, 200 North College Street, 3rd
Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department,
or email at dg.prospectus_requests@bofa.com.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the notes, nor will there be any
sale of the notes, in any state or other jurisdiction in which such
offer, sale or solicitation would be unlawful.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate
investment company. We own, operate, and invest in real estate
through our balance sheet and through our investment management
platform. We focus on multifamily and office properties located in
the Western U.S., U.K., and Ireland.
KW-IR
Forward-Looking Statements
This press release includes forward-looking statements,
including statements regarding the completion, timing and size of
the proposed offering, the intended use of the proceeds, including
the completion of the redemption of KWE bonds, and the terms of the
notes being offered. Forward-looking statements represent Kennedy
Wilson’s current expectations regarding future events and are
subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from those implied by the
forward-looking statements. Among those risks and uncertainties are
market conditions, including market interest rates and risks
relating to Kennedy Wilson’s business, including those described in
periodic reports that Kennedy Wilson files from time to time with
the SEC. Kennedy Wilson may not consummate the proposed offering or
redemption described in this press release and, if the proposed
offering or redemption is consummated, cannot provide any
assurances regarding the final terms of the notes and the
redemption, or Kennedy Wilson’s ability to effectively apply the
net proceeds from the proposed offering. The forward-looking
statements included in this press release speak only as of the date
of this press release, and Kennedy Wilson does not undertake to
update the statements included in this press release for subsequent
developments, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210809005393/en/
Daven Bhavsar, CFA Vice President of Investor Relations +1 (310)
887-3431 dbhavsar@kennedywilson.com
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