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Kennedy-Wilson guiding $200 million tap of 5 7/8% notes due 2024 at par to par ¼; pricing Tuesday
By Paul A. Harris
Portland, Ore., Aug. 9 – Kennedy-Wilson, Inc., a wholly owned subsidiary of Kennedy-Wilson Holdings, Inc., plans to price a $200 million add-on to its 5 7/8% senior notes due April 1, 2024 on Tuesday, according to market sources.
Initial guidance has the deal coming at par to par ¼, a portfolio manager said.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. are the joint bookrunners for the public offering.
The notes feature a make-whole call until April 1, 2019, then become callable at 102.938. In addition there is a 35% equity clawback at 105.875 until April 1, 2017.
The Beverly Hills, Calif.-based real estate investment company plans to use the proceeds to repay $60 million of the outstanding balance under its revolver, and the remainder for general corporate purposes, which may include future acquisitions, co-investments, capital expenditures and debt repayment.
The original $300 million issue priced at 99.068 to yield 6% in March 2014.
A previous $350 million add-on priced at par to yield 5.874% in November 2014.
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