Kennedy-Wilson accepts all $576.87 million tenders of 5 7/8% notes

By Taylor Fox

New York, Feb. 26 – Kennedy-Wilson Holdings Inc. announced the final results and settlement of its cash tender offer to purchase up to $1 billion of its $1.15 billion outstanding 5 7/8% notes due 2024 (Cusip: 489399AG0), according to an 8-K filing with the Securities and Exchange Commission.

As of the 12 a.m. ET Feb. 24 expiration time, $576,866,000 of the notes were validly tendered and not validly withdrawn and accepted for purchase.

The company paid a total consideration of $597,746,314.04 for the tender offer, including accrued and unpaid interest. Kennedy-Wilson funded the offer using a portion of the proceeds from its sale of senior notes due 2029 and senior notes due 2031.

As previously reported, $576,465,000 of the 2024 notes were validly tendered and not validly withdrawn as of the 5 p.m. ET Feb. 9 early tender time.

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

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

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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