newsfilter
← Latest News
Business Wire·

Kennedy Wilson Announces Launch of Tender Offer for Any and All of Its Outstanding 5.000% Senior Notes Due 2031 and Issuance of Notices of Redemption for its 4.750% Senior Notes Due 2029 and its 4.750% Senior Notes Due 2030

KW
  • Kennedy-Wilson, Inc. has commenced a cash offer to purchase all outstanding 5.000% Senior Notes due 2031 following a proposed merger with a consortium led by William McMorrow & Fairfax Financial Holdings Limited.
  • The offer is triggered by a Fundamental Change provision in the Indenture due to the merger between Kennedy Wilson Holdings, Inc. & Merger Sub.
  • The purchase price is set at $1,010.00 (101.000% of principal) plus accrued & unpaid interest for each $1,000 principal amount tendered.
  • The aggregate principal amount of notes outstanding for this offer is $600,000,000.
  • The offer expires at 5:00 p.m. New York City time on or around June 15, 2026, with settlement expected on June 16, 2026.
  • Tenders may be withdrawn until the withdrawal deadline of 5:00 p.m. on June 15, 2026.
  • The offer is conditional upon the consummation of the merger & satisfaction of general conditions.
  • If the merger fails, the offer will be terminated without purchasing any notes.
  • There is no cap or proration applicable to the offer; any & all validly tendered notes will be purchased.
  • Kennedy-Wilson also announced redemption notices for its 4.750% senior notes due 2029 & 2030, scheduled for June 16, 2026.
  • The redemption of the 2029 & 2030 notes is conditioned on the merger consummation & the issuance of $1.8 billion in new senior debt.
  • The $1.8 billion debt offering consists of $1.1 billion of 7.000% senior notes due 2031 & $700 million of 7.250% senior notes due 2033.
  • D.F. King & Co., Inc. has been appointed as the tender & information agent for the offer.
  • The company intends to file a Definitive Proxy Statement & Schedule 13E-3 with the SEC regarding the merger & stockholder approval.