By Paul A. Harris
Portland, Ore., March 19 - Kennedy-Wilson, Inc. priced an upsized $300 million issue of 5 7/8% 10-year senior notes (B2/BB-/) at 99.068 to yield 6% on Wednesday, according to a syndicate source.
The deal was upsized from $250 million.
The yield printed at the tight end of yield talk in the 6 1/8% area.
BofA Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunners.
The Beverly Hills, Calif.-based real estate investment and services company plans to use the proceeds to repay its revolver in full and for general corporate purposes.
| Issuer: | Kennedy-Wilson, Inc.
|
| Amount: | $300 million, increased from $250 million
|
| Proceeds: | $297 million
|
| Maturity: | April 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc.
|
| Co-manager: | U.S. Bancorp Investments Inc.
|
| Coupon: | 5 7/8%
|
| Price: | 99.068
|
| Yield to worst: | 6%
|
| Spread: | 329 bps
|
| Price talk: | 6 1/8% area
|
| First call: | April 1, 2019 at 102.938
|
| Trade date: | March 19
|
| Settlement date: | March 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
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