By Devika Patel
Knoxville, Tenn., May 18 - Kennedy-Wilson Holdings, Inc. said it has negotiated a $100 million private placement of 6% convertible preferred stock with Fairfax Financial Holdings Ltd.
The preferreds are initially convertible into common shares at $12.41. They are subject to mandatory conversion by May 2015.
Kennedy Wilson is a real estate services and investment firm based in Beverly Hills, Calif.
| Issuer: | Kennedy-Wilson Holdings, Inc.
|
| Issue: | Convertible preferred stock
|
| Amount: | $100 million
|
| Dividends: | 6%
|
| Conversion price: | $12.41
|
| Call: | May 2015
|
| Warrants: | No
|
| Investor: | Fairfax Financial Holdings Ltd.
|
| Pricing date: | May 18
|
| Stock symbol: | NYSE: KW
|
| Stock price: | $11.11 at close May 18
|
| Market capitalization: | $458 million
|
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