Kennedy-Wilson selling $1 billion notes in two tranches as it addresses 2024 maturity

By Paul A. Harris

Portland, Ore., Jan. 27 – Kennedy-Wilson, Inc. began marketing a $1 billion two-part public offering of senior notes (BB) on a late Wednesday morning conference call with investors, according to a syndicate source.

The deal includes eight-year notes with three years of call protection and 10-year notes with five years of call protection.

The offering is set to price on Thursday.

Tranche sizes remain to be determined.

BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc., Deutsche Bank Securities Inc., Fifth Third Securities Inc. and Goldman Sachs & Co. LLC are joint bookrunners. BBVA Securities Inc. is the co-manager.

The Beverly Hills, Calif.-based real estate investment company plans to use the proceeds plus cash on hand to repurchase or redeem up to $1 billion of its 5 7/8% senior notes due in April 2024.

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