BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jul. 19, 2012--
International real estate investment and services firm Kennedy-Wilson
Holdings, Inc. (NYSE: KW) (“Kennedy Wilson” or the “Company”)
today announced the pricing of a public offering of 7,500,000 shares of
its common stock at a price of $13.00 per share, for net proceeds of
approximately $92.4 million after underwriting discounts and commissions
and estimated offering expenses. The offering is expected to close on
July 24, 2012, subject to customary closing conditions. Kennedy Wilson
has also granted the underwriters a 30-day option to purchase up to an
additional 1,125,000 shares of common stock.
The Company expects to use the net proceeds from the offering to repay
all borrowings under its revolving credit facility and for working
capital and general corporate purposes, including future acquisitions
and co-investments.
In connection with the offering, BofA Merrill Lynch and Deutsche Bank
Securities are acting as joint book-running managers. Copies of the
preliminary prospectus supplement and the accompanying prospectus may be
obtained by contacting: BofA Merrill Lynch, 222 Broadway, 7th Floor, New
York, New York 10038, Attention: Prospectus Department or email [email protected],
or Deutsche Bank Securities, 60 Wall Street, New York, New York 10005,
Attention: Prospectus Department, telephone (800) 503-4611 or email at [email protected].
The offering is being made pursuant to an effective shelf registration
statement filed with the U.S. Securities & Exchange Commission (SEC). A
prospectus supplement and accompanying prospectus describing the terms
of the offering has been filed with the SEC and is available on its
website at www.sec.gov.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or other jurisdiction in which the offer,
solicitation or sale would be unlawful prior to registration or
qualification under the security laws of any state or other
jurisdiction. The offering may be made only by means of a prospectus and
related prospectus supplement.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
23 offices in the U.S., Europe and Japan. The company offers a
comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., UK, Ireland and Japan.
Safe Harbor Statement
This news release contains forward-looking statements, including
statements related to the offering and the expected use of the net
proceeds, which are based on current expectations, forecasts and
assumptions that involve risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties are
discussed in Kennedy Wilson’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2011, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. Do not rely on any forward-looking statement, as Kennedy
Wilson cannot predict or control many of the factors that ultimately may
affect its ability to achieve the results estimated. Kennedy Wilson
makes no promise to update any forward-looking statement, whether as a
result of changes in underlying factors, new information, future events
or otherwise.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
Director of Corporate
Communication
310-887-6294
[email protected]
www.kennedywilson.com