By Stephanie N. Rotondo
Phoenix, Nov. 21 - Kennedy-Wilson Holdings Inc. sold $50 million of 7.75% $25-par senior notes due Dec. 1, 2042, the company said in an FWP filed with the Securities and Exchange Commission.
The notes (B2/BB-/) become callable on or after Dec. 1, 2017 at par plus accrued interest, or prior to that date, the note are callable with a make-whole premium of Treasuries plus 50 basis points.
Interest will be payable on the first day of March, June, September and December, beginning March 1.
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.
| Issuer: | Kennedy-Wilson Holdings Inc.
|
| Securities: | Senior notes
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Maturity: | Dec. 1, 2042
|
| Bookrunners: | Morgan Stanley & Co. LLC, Bank of America Merrill Lynch
|
| Co-manager: | Deutsche Bank Securities Inc.
|
| Coupon: | 7.75%
|
| Price: | Par of $25
|
| Yield: | 7.75%
|
| Talk: | Around 7.25%
|
| Call option: | On or after Dec. 1, 2017 at par plus accrued interest or prior to that date with a make-whole premium
|
| Make-whole premium: | Treasuries plus 50 bps
|
| Distribution: | SEC registered
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| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 28
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Cusip: | 489399303
|
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