By Devika Patel
Knoxville, Tenn., May 6 - Kennedy-Wilson, Inc. announced plans to raise $40 million in a private placement of preferred shares.
The preferreds will receive cumulative annual preferred dividends at 7% per annum and must convert to common stock at $42.00 per share within three years.
Kennedy-Wilson's chief executive officer William J. McMorrow will invest $5 million.
Kennedy-Wilson is a real estate services and investment firm based in Beverly Hills, Calif.
Issuer: | Kennedy-Wilson, Inc.
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Issue: | Convertible preferred stock
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Amount: | $40 million
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Dividends: | 7%
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Conversion price: | $42.00
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Warrants: | No
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Investor: | William J. McMorrow (for $5 million)
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Pricing date: | May 6
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Stock symbol: | Pink Sheets: KWIC
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Stock price: | $40.00 at close May 5
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