Kennedy Wilson accepts €75 million of notes from tender offer at 82

Chicago, Nov. 11 – Kennedy Wilson Europe Real Estate Ltd. announced the results of its cash tender offer for its outstanding €550 million 3.25% notes due 2025 (ISIN: XS1321149434), according to a Friday press release.

Noteholders tendered €75 million of the notes, all of which were accepted by the company.

The notes are being purchased at 82, for a total tender consideration of €61.5 million, including interest.

Funding will come from a draw on the company’s revolver.

Following settlement, there will be €475 million of the notes outstanding.

Settlement is slated for Nov. 16.

The offer expired at noon ET on Nov. 10.

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 was 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.

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