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PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
19 September 2016
Kennedy Wilson Europe Real Estate Plc
("KWE" or the "Company")
KWE COMPLETES TAP ISSUE OF £200 MILLION SENIOR UNSECURED BONDS DUE 2022
Further to its announcements on 13 September 2016 and 15 September 2016, Kennedy Wilson Europe Real Estate Plc (LSE: KWE), an LSE listed property company that invests in real estate across the UK, Ireland, Spain and Italy, today announces the successful completion of the tap for an aggregate principal amount of £200 million (the "New Bonds") to the £300 million 3.95% Bonds due 30 June 2022 issued by KWE on 30 June 2015 (ISIN: XS1117292554) (the "Initial Bonds" and, together with the New Bonds, the "Bonds").
The New Bonds shall be consolidated and form a single series with the Initial Bonds. The New Bonds have been issued at a yield of 3.572% and will mature on 30 June 2022. The New Bonds along with the Initial Bonds and KWE are rated BBB (outlook stable) by Standard & Poor's.
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented:
"The success of this further bond issue shows the continued attractiveness of Kennedy Wilson Europe to bondholders, and is a further positive step in our continued progress towards a more flexible debt structure with a greater proportion of unsecured finance. This means that we maintain an attractive 2.97% cost of debt and extended term to maturity of 6.1 years."
The New Bonds will be listed on the official list of the London Stock Exchange and admitted to trading on its regulated market. The Bonds rank pari passu with KWE's existing €550 million senior unsecured notes due 12 November 2025.
BofA Merrill Lynch, Deutsche Bank and J.P. Morgan Cazenove acted as Joint Bookrunners.
For further information, please contact:
Juliana Weiss Dalton, CFA
+44 (0) 20 7479 7429 [email protected]
Dido Laurimore/ Tom Gough
+44 (0) 20 3727 1000
About Kennedy Wilson Europe Real Estate Plc
Kennedy Wilson Europe Real Estate Plc is an LSE listed property company that invests in real estate across the UK, Ireland, Spain and Italy. It aims to generate superior shareholder returns by unlocking value of under-resourced real estate across its target geographies. Its existing portfolio, in excess of £3.0 billion, is primarily invested across office and retail in the UK and Ireland, weighted towards London, the South East and Dublin. For further information on Kennedy Wilson Europe Real Estate Plc, please visit www.kennedywilson.eu
About Kennedy Wilson (Investment Manager)
Kennedy Wilson Europe Real Estate Plc is externally managed by a wholly-owned Jersey incorporated subsidiary of Kennedy-Wilson Holdings, Inc.
Kennedy-Wilson Holdings, Inc. (NYSE: KW) is a global real estate investment company. KW owns, operates, and invests in real estate both on its own and through its investment management platform. KW focuses on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement KW's investment business, it also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit www.kennedywilson.com
The securities referred to in this announcement (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons as defined in Regulation S under the Securities Act.
Under no circumstances shall this announcement constitute an offer to sell or the solicitation of an offer to buy any Securities in any jurisdiction where it is unlawful to do so.
This announcement may only be communicated to persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.
This announcement does not constitute an offer, an invitation or a solicitation for any investment or subscription for the shares of the Company.
KWE is regulated in Jersey by the Jersey Financial Services Commission (the "JFSC") as a listed fund pursuant to the Jersey Listed Fund Guide published by the JFSC and the Collective Investment Funds (Jersey) Law 1988. The JFSC does not take any responsibility for the financial soundness of KWE or the correctness of any statement made or expressed in this announcement. The JFSC is protected by the Collective Investment Funds (Jersey) Law 1988 against any liability arising from the discharge of functions under that law. The JFSC is also protected by the Financial Services (Jersey) Law 1998 against liability from the discharge of its functions under that law.
This information is provided by RNS