Kennedy-Wilson gets $576.47 million early tenders of 5 7/8% notes

By Taylor Fox

New York, Feb. 11 – Kennedy-Wilson Holdings Inc. announced the early results of its cash tender offer to purchase up to $1 billion of its 5 7/8% notes due 2024 (Cusip: 489399AG0), according to a company news release.

As of the 5 p.m. ET Feb. 9 early tender time, $576,465,000 of the notes were validly tendered and not validly withdrawn.

Holders who tendered notes before the early tender time will receive the total consideration of $1,015 per $1,000 of notes, including a $30 early tender premium.

Holders who tender notes after the early tender time, but before the expiration will receive $985 per $1,000 of notes.

As previously reported, there are $1.15 billion of notes outstanding.

The company plans to finance the tender with proceeds from the issuance of new notes together with cash on hand.

To the extent that the amount of notes tendered is less than the maximum tender amount, the company intends to redeem the notes remaining outstanding after the completion of the tender offer up to the maximum tender amount. The purchase price for the notes will be 100.979% of their principal amount for 12 months from April 1, 2021.

Tendered notes may no longer be withdrawn.

The tender expires at 11:59 p.m. ET on Feb. 24.

BofA Securities Inc. is dealer manager of the offer, and D.F. King & Co. Inc. is the tender agent.

The global real estate investment company is based in Beverly Hills, Calif.

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