Kennedy-Wilson pricing $75 million tap of 8¾% notes due 2019 Monday

By Paul A. Harris

Portland, Ore., Dec. 3 - Kennedy-Wilson, Inc. plans to price a $75 million add-on to its 8¾% senior notes due April 1, 2019 (expected ratings B2/BB-) on Monday, according to an informed source.

Bank of America Merrill Lynch and Morgan Stanley & Co. LLC are the joint bookrunners.

The Rule 144A with registration rights notes have make-whole call at Treasuries plus 50 bps until April 1, 2015 and then become callable at 104.375.

The notes also feature a 101% poison put.

Proceeds will be used for working capital and general corporate purposes, including future acquisitions and co-investments.

Kennedy-Wilson is a Beverly Hills, Calif.-based real estate investment and services company.

The original $200 million issue priced at 99.297 to yield 8 7/8% in March 2011. A previous $50 million add-on priced at 101.5 to yield 8.425% in April 2011.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.