Kennedy Wilson offers to buy up to €150 million 3.25% notes due 2025

By Marisa Wong

Los Angeles, Nov. 4 – Kennedy Wilson Europe Real Estate Ltd. announced a cash tender offer for its outstanding €550 million 3.25% notes due 2025 (ISIN: XS1321149434), according to a Friday press release.

The issuer has set the maximum acceptance amount at €150 million and is offering to purchase the notes at 82.

The issuer will also pay accrued interest to but excluding the settlement date.

If the amount of notes tendered exceeds the tender cap, notes may be accepted on a pro rata basis.

The offer expires at noon ET on Nov. 10. Results will be announced on Nov. 11.

Settlement is slated for Nov. 16.

J.P. Morgan Securities plc (+44 20 7134 2468; attn.: liability management; liability_management_EMEA@jpmorgan.com) is acting as dealer manager for the offer.

Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Thomas Choquet; kennedywilson@is.kroll.com; https://deals.is.kroll.com/kennedywilson) is tender agent.

The issuer said the purpose for the offer is to provide liquidity to noteholders and to optimize its balance sheet structure and future interest expense.

The company is a subsidiary of Kennedy Wilson Holdings Inc., a global real estate investment company based in Beverly Hills, Calif.

© 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.