Los Angeles Business Journal

Kennedy-Wilson Prices Stock Offering

By Deborah Crowe Tuesday, September 10, 2013

Kennedy-Wilson Holdings Inc. on Tuesday priced an offering of 6 million common shares at $18.50 per share. The offering is expected to take in more than $111 million.

The Beverly Hills real estate investment and services firm, which announced the offering late Monday, expects to use the net proceeds for general corporate purposes, including acquisitions and co-investments, and to repay the $50 million outstanding balance under its unsecured revolving credit facility.

The offering is expected to close on Friday, but Kennedy-Wilson also granted a 30-day option for the sole underwriter, Deutsche Bank Securities, to purchase up to 900,000 additional shares.

Shares on Tuesday closed down 2 cents, or less than 1 percent, to $19.16 on the New York Stock Exchange.