Kennedy-Wilson Prices Stock Offering at a DiscountFriday, November 11, 2011
Shares of Kennedy-Wilson Holdings Inc. fell 5 percent on Friday after the company priced a 6 million-share offering at a discount.
The Beverly Hills real estate and investment company late Thursday priced the offering at $11 a share, a discount from that day’s close of $11.53.
Kennedy-Wilson, which has 45 million shares outstanding, said it plans to offer the shares to repay borrowings and build working capital for acquisitions and co-investments.
The company this year has been on an investment spree both locally and overseas. Last month, the company purchased three Los Angeles office buildings for $111 million, and later participated with other investors to buy a $1.8 billion commercial real estate loan portfolio from the Bank of Ireland.
The company on Monday reported a slightly larger third-quarter loss on acquisition-related costs.
Shares on Friday closed down 58 cents, to 5 percent, to $10.95 on the New York Stock Exchange.