Kennedy Wilson Issues 6M Shares of Common Stock

BEVERLY HILLS, CA-Kennedy-Wilson Holdings Inc. said Monday that the company plans to issue 6 million shares of common stock. BofA Merrill Lynch and Deutsche Bank Securities will act as “book running managers,” or the entities that control stock purchase orders from investors.

Kennedy-Wilson plans to use the capital infusion to “repay borrowings under its revolving credit facility and for working capital and general corporate purposes, including future acquisitions and co-investments,” according to a statement released by the company. A company spokesperson declined comment on the proposed stock offering, citing SEC rules controlling statements about public stock offerings.