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Kennedy Wilson Announces Pricing of Common Stock Offering

^{Published on 2011-11-10 16:42:09 - Market Wire}
 

BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--International real estate investment and services firm Kennedy-Wilson Holdings, Inc. (NYSE: KW) (aKennedy Wilsona or the aCompanya) today announced the pricing of a public offering of 6,000,000 shares of its common stock at a price of $11.00 per share, for net proceeds of approximately $62.3 million after underwriting discounts and commissions and estimated offering expenses. The offering is expected to close on November 16, 2011, subject to customary closing conditions. Kennedy Wilson has granted the underwriters a 30-day option to purchase up to 900,000 additional shares of common stock to cover overallotments, if any.

The Company expects to use the net proceeds from the offering to repay 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 Inc. 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, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or by email to [ dg.prospectus_requests@baml.com ], or Deutsche Bank Securities at Harborside Financial Center, 100 Plaza One, Jersey City, New Jersey 07311, Attn: Prospectus Department or by e-mail at [ prospectus.cpdg@db.com ].

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.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA, with 23 offices in the U.S., Europe and Japan. The Company offers a comprehensive array of real estate services including auction, conventional sales, property services and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., Europe and Japan.

Safe Harbor Statement

This news release contains forward-looking statements, including statements related to the offering and the expected use of the net proceeds, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are discussed in Kennedy Wilsonas filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Do not rely on any forward-looking statement, as Kennedy Wilson cannot predict or control many of the factors that ultimately may affect its ability to achieve the results estimated. Kennedy Wilson makes no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.