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@example.com, or Deutsche Bank Securities, 60 Wall Street, New York, New York 10005, Attention: Prospectus Department, telephone (800) 503-4611 or email at firstname.lastname@example.org.
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.