Kennedy-Wilson Prices Stock SaleTuesday, January 7, 2014
Kennedy-Wilson Holdings Inc. on Tuesday priced a public offering of 8 million shares of its common stock at $21.45 a share, a 3 percent discount to Monday’s closing price.
The Beverly Hills real estate investment firm expects to use net proceeds for general corporate purposes, including future acquisitions and investments. Kennedy Wilson has granted the underwriter, Deutsche Bank Securities, a 30-day option to purchase up to 1.2 million additional shares. The offering would gross more than $197 million if the option is exercised.
The offering is expected to close on Friday, the company said.
In a separate regulatory filing, Kennedy Wilson said that it is under contract to make 48 real estate-related investments in the United States, Ireland, Spain and the United Kingdom. The aggregate purchase price of all the investments is about $700 million, and the company said it expects to use a combination of debt and third-party equity to pay for the deals.
Shares on Tuesday closed down 42 cents, or 2 percent, to $21.67 on the New York Stock Exchange.