Kennedy-Wilson begins tender for 5 7/8% notes due 2024

By Rebecca Melvin

New York, Jan. 27 – Kennedy-Wilson Holdings Inc. began a 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.

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.

The notes, of which there is $1.15 billion principal amount outstanding, will be purchased for $985.00 per $1,000 principal amount. There is also a $30.00 early tender premium payable for tenders made prior to 5 p.m. ET on Feb. 9, for a total consideration of $1,015.00 per bond.

The tender expires at midnight ET at the end of 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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