Kennedy Wilson Announces Tender Offer for Up to $1 Billion Aggregate Principal Amount of Its Outstanding 5.875% Senior Notes Due 2024
January 27, 2021 at 01:52 pm
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Kennedy Wilson announced that it has commenced a cash tender offer for up to $1,000,000,000 aggregate principal amount (the “Maximum Tender Amount”) of its outstanding 5.875% Senior Notes due 2024 (CUSIP No. 489399AG0) (the “Notes”), on the terms and subject to the conditions set forth in the Offer to Purchase, dated the date hereof (the “Offer to Purchase”). As of January 27, 2021, $1,150,000,000 aggregate principal amount of Notes were outstanding. The Tender Offer will expire at 12:00 Midnight, New York City time, at the end of February 24, 2021 (the “Expiration Time”), unless extended or earlier terminated. Holders who validly tender and do not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on February 9, 2021 (the “Early Tender Time”), and whose Notes are accepted for purchase, will receive, for each $1,000 principal amount of such Notes, the “Total Consideration” of $1,015.00, which includes an “Early Tender Premium” of $30.00. Holders who validly tender their Notes after the Early Tender Time will only be eligible to receive the “Tender Offer Consideration,” which is the Total Consideration less the Early Tender Premium. In addition to the Total Consideration or Tender Offer Consideration, as applicable, Holders whose Notes are accepted for purchase will also receive a payment for accrued and unpaid interest from the last interest payment date of the Notes to, but not including, the applicable settlement date. Payment for all Notes validly tendered at or prior to the Early Tender Time and accepted for purchase will be made on the “Early Settlement Date,” which will be promptly after the Early Tender Time and is anticipated to occur on or about February 11, 2021. Payment for all Notes validly tendered after the Early Tender Time and accepted for purchase, if any, will be made promptly after the Expiration Time.
Kennedy-Wilson Holdings, Inc. is a global real estate investment company. The Company owns, operates, and invests in real estate both on its own and through its investment management platform. It also has a debt platform focused on construction lending secured by multifamily and student housing properties throughout the United States. The Company focuses on multifamily and office properties, as well as industrial and debt investments in its Investment Management business in the Western United States, United Kingdom and Ireland. Its operations are defined by two business segments: its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio involve ownership of multifamily units, office, and retail space and one hotel. The Co-Investment Portfolio consists of the co-investments in real estate and real estate-related assets, including loans secured by real estate; fees, and performance allocations that it earns on its fee bearing capital.