Kennedy-Wilson launches at least $75 million $25-par notes due 2042; price talk around 7.25%

By Stephanie N. Rotondo

Phoenix, Nov. 19 - Kennedy-Wilson Holdings Inc. will issue a minimum of $75 million of $25-par senior notes due Dec. 1, 2042, a trader reported Monday.

Price talk is around 7.25%

The notes become callable on or after Dec. 1, 2017 or prior to that date with a make-whole premium. There is also a change-of-control feature that allows the securities to be called at 101% of par plus accrued interest.

Interest will be payable on the first day of March, June, September and December.

Morgan Stanley & Co. LLC and Bank of America Merrill Lynch are the joint bookrunners.

Proceeds will be used for general corporate purposes, including acquisitions and co-investments. The company may also use funds to repay outstanding balances under an unsecured revolving credit facility.

Kennedy-Wilson is a Beverly Hills-based real estate investment and services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.