LOS ANGELES—Kennedy Wilson has announced an intention to offer a $350 million aggregate principal of its 5.875% notes. The notes are subject to market conditions and are due in 2024. Kennedy Wilson plans to use a portion of the proceeds from the offering to redeem all of its outstanding 8.750% senior notes, which are due in 2019.
The offering will be paired as a single group with an offering of $300 million aggregate principal of its 5.875% notes, which were offered in March of this year and are known as the “initial notes.” Those who hold these notes and the initial notes will be considered a single class under the indenture and will be subject to the same terms. The offering will close on November 18, 2014.
Joint book-runners of the offering include Bank of America Merrill Lynch, Deutsche Bank Securities, J.P. Morgan and US Bancorp. The notes are part of the senior unsecured obligations. Kennedy Wilson did not respond to a request for comment about the offering.
In January, Kennedy Wilson underwrote a public offering of 8 million shares of common stock priced at $21.45. Proceeds from the sale were used for acquisition and co-investment opportunities.
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Kelsi Maree Borland
