Kennedy Wilson Renews Unsecured Revolving Credit Facility
Kennedy Wilson (NYSE:KW), a global real estate investment company, has expanded its unsecured revolving credit facility from $500 million to $550 million. The new facility, partnered with 10 banks, has a three-year term with two six-month extension options. Loans under this facility will bear interest at a rate equal to SOFR plus 1.75% to 2.75%. Currently, the facility has outstanding borrowings of approximately $175 million. Bank of America, N.A. will serve as the administrative agent, with BofA Securities, Inc., JPMorgan Chase Bank, N.A., and M&T Bank acting as joint lead arrangers.
The company views this expansion as a strategic move to enhance its financial flexibility and ability to capitalize on emerging opportunities. Kennedy Wilson manages over $27 billion in assets across high-growth markets in the United States, UK, and Ireland.
Kennedy Wilson (NYSE:KW), una società globale di investimento immobiliare, ha espanso la sua linea di credito revolving non garantita da $500 milioni a $550 milioni. La nuova linea, in collaborazione con 10 banche, ha un termine di tre anni con due opzioni di estensione di sei mesi. I prestiti sotto questa linea porteranno un tasso di interesse pari a SOFR più 1.75% a 2.75%. Attualmente, la linea ha prestiti in essere per circa $175 milioni. Bank of America, N.A. fungerà da agente amministrativo, con BofA Securities, Inc., JPMorgan Chase Bank, N.A. e M&T Bank che agiranno come organizzatori principali congiunti.
L'azienda considera questa espansione come una mossa strategica per migliorare la sua flessibilità finanziaria e la capacità di capitalizzare su opportunità emergenti. Kennedy Wilson gestisce oltre $27 miliardi in attivi in mercati ad alta crescita negli Stati Uniti, Regno Unito e Irlanda.
Kennedy Wilson (NYSE:KW), una compañía global de inversión inmobiliaria, ha ampliado su línea de crédito rotativa no asegurada de $500 millones a $550 millones. La nueva línea, asociada con 10 bancos, tiene un plazo de tres años con dos opciones de extensión de seis meses. Los préstamos bajo esta línea tendrán un interés igual a SOFR más 1.75% a 2.75%. Actualmente, la línea tiene préstamos pendientes de aproximadamente $175 millones. Bank of America, N.A. actuará como agente administrativo, con BofA Securities, Inc., JPMorgan Chase Bank, N.A. y M&T Bank como organizadores principales conjuntos.
La empresa considera esta expansión como un movimiento estratégico para mejorar su flexibilidad financiera y capacidad para aprovechar oportunidades emergentes. Kennedy Wilson gestiona más de $27 mil millones en activos en mercados de alto crecimiento en Estados Unidos, Reino Unido e Irlanda.
켄너디 윌슨(Kennedy Wilson, NYSE:KW), 글로벌 부동산 투자 회사가 무담보 회전 신용 한도를 $500백만에서 $550백만으로 확장했습니다. 새로운 한도는 10개 은행과 파트너십을 맺고 있으며, 3년 약정과 두 번의 6개월 연장 옵션이 있습니다. 이 한도로 받는 대출은 SOFR 플러스 1.75%에서 2.75%의 금리가 적용됩니다. 현재 이 한도는 약 $175백만의 미사용 대출이 있습니다. 뱅크 오브 아메리카(Bank of America, N.A.)가 관리 에이전트로서 활동하며, BofA 증권(BofA Securities, Inc.), JPMorgan 체이스 은행(JPMorgan Chase Bank, N.A.), M&T 은행(M&T Bank)이 공동 주관사로 활동합니다.
회사는 이 확장을 재정적 유연성을 높이고 새로운 기회를 활용할 수 있는 능력을 향상시키는 전략적 조치로 보고 있습니다. 켄너디 윌슨은 미국, 영국, 아일랜드의 고성장 시장에서 $27백억의 자산을 관리하고 있습니다.
Kennedy Wilson (NYSE:KW), une société mondiale d'investissement immobilier, a étendu sa ligne de crédit renouvelable non garantie de 500 millions de dollars à 550 millions de dollars. La nouvelle ligne, en partenariat avec 10 banques, a une durée de trois ans avec deux options d'extension de six mois. Les prêts sous cette ligne d'attente porteront un intérêt équivalent à SOFR plus 1,75 % à 2,75 %. Actuellement, la ligne a des emprunts en cours d'environ 175 millions de dollars. La Bank of America, N.A. agira en tant qu'agent administratif, avec BofA Securities, Inc., JPMorgan Chase Bank, N.A. et M&T Bank comme arrangeurs principaux conjoints.
L'entreprise considère cette expansion comme un mouvement stratégique pour améliorer sa flexibilité financière et sa capacité à saisir les opportunités émergentes. Kennedy Wilson gère plus de 27 milliards de dollars d'actifs sur des marchés à forte croissance aux États-Unis, au Royaume-Uni et en Irlande.
Kennedy Wilson (NYSE:KW), ein globales Unternehmen für Immobilieninvestitionen, hat seinen unbesicherten revolvierenden Kreditrahmen von 500 Millionen US-Dollar auf 550 Millionen US-Dollar erweitert. Der neue Kreditrahmen, in Partnerschaft mit 10 Banken, hat eine Laufzeit von drei Jahren mit zwei Verlängerungsoptionen von sechs Monaten. Kredite aus diesem Rahmen unterliegen einem Zinssatz, der SOFR plus 1,75 % bis 2,75 % entspricht. Derzeit hat der Rahmen ausstehende Darlehen in Höhe von etwa 175 Millionen US-Dollar. Die Bank of America, N.A. wird als Verwaltungsagent fungieren, während BofA Securities, Inc., JPMorgan Chase Bank, N.A. und M&T Bank als gemeinsame Hauptarrangeure tätig sind.
Das Unternehmen sieht diese Erweiterung als strategischen Schritt, um seine finanzielle Flexibilität zu erhöhen und sich die Chancen zu nutzen, die sich bieten. Kennedy Wilson verwaltet über 27 Milliarden US-Dollar an Vermögenswerten in wachstumsstarken Märkten in den USA, Großbritannien und Irland.
- Expansion of credit facility from $500 million to $550 million
- Three-year term with two six-month extension options, potentially extending to September 2028
- Competitive interest rate of SOFR plus 1.75% to 2.75%
- Increased financial flexibility for quick action on emerging opportunities
- Support from a group of 10 banks, indicating strong financial partnerships
- Current outstanding borrowings of approximately $175 million on the credit facility
Insights
Kennedy Wilson's expansion of its unsecured revolving credit facility from
This expanded facility enhances KW's ability to capitalize on potential market opportunities, particularly in a challenging real estate environment. The increased facility size and support from 10 banks indicate strong lender confidence in KW's business model and financial health. However, investors should monitor KW's leverage and interest expenses, as increased borrowing could impact profitability if not managed effectively.
Kennedy Wilson's proactive approach to securing an expanded credit facility is strategically sound in the current real estate market. With
The company's focus on high-growth markets in the US, UK and Ireland positions it well to leverage this facility. However, investors should consider potential risks in these markets, such as interest rate fluctuations and economic uncertainties. KW's ability to close
Credit facility has a three-year term and a one year extension option; facility expands to
Loans under the new credit facility bear interest at a rate equal to SOFR plus a spread of
“This credit facility provides us with an efficient and flexible source of funding that positions us to act quickly on opportunities that we believe will continue to emerge in the short term,” said Kennedy Wilson Chairman and CEO William McMorrow. “We appreciate the support of our bank group in this expanded credit facility that will enable us to build on the growth we have experienced in many areas of our business this year.”
“We highly value the support from our bank group, including those who have been with us for decades, as well as new partnerships established through this facility,” said Matt Windisch, President of Kennedy Wilson. “We are pleased to push the fully extended maturity out to September 2028, and we believe that the increase in the size of the facility reflects the continued confidence in our business strategy moving forward.”
The revolving credit facility has current outstanding borrowings of approximately
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading real estate investment company with over
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of
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Investors
Daven Bhavsar, CFA
Head of Investor Relations
+1 (310) 887-3431
dbhavsar@kennedywilson.com
Media
Emily Heidt
Vice President, Communications
+1 (310) 887-3499
eheidt@kennedywilson.com
Source: Kennedy Wilson
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