Kennedy-Wilson talks $200 million eight-year senior notes at slight discount to yield 8¾%-9%

By Paul A. Harris

Portland, Ore., March 30 - Kennedy-Wilson, Inc. talked its $200 million offering of eight-year senior notes (B1/BB-/) to price at a slight discount with an 8¾% to 9% yield, an informed source said on Wednesday.

The books are set to close at 4 p.m. ET on Thursday.

Merrill Lynch and Morgan Stanley & Co. Inc. are the joint bookrunners for the Rule 144A with registration rights deal.

JMP Securities and CJS Securities, Inc. are the co-managers.

The notes come with four years of call protection and feature a 101% poison put.

The Beverly Hills, Calif.-based real estate investment and services company plans to use the proceeds to repay all outstanding borrowings under its unsecured revolving credit facility and for general corporate purposes.

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