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WITHIN THE EUROPEAN UNION, THIS ANNOUCEMENT MAY ONLY BE COMMUNICATED TO PROFESSIONAL CLIENTS (AS DEFINED UNDER DIRECTIVE 2004/39/EC) IN BELGIUM, DENMARK, CZECH REPUBLIC, FINLAND, FRANCE, GERMANY, IRELAND, ITALY, LUXEMBOURG, THE NETHERLANDS, POLAND, PORTUGAL, SPAIN, SWEDEN AND THE UNITED KINGDOM.
PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.
24 June 2015
Kennedy Wilson Europe Real Estate Plc
("KWE" or the "Company")
KWE launches BBB rated £300 million debut senior unsecured bond
Kennedy Wilson Europe Real Estate Plc (LSE: KWE), an LSE listed property company that invests in real estate and real estate loans in Europe, announces the successful launch and pricing of a seven year, £300 million debut senior unsecured bond (the "Bond").
The Bond has an annual fixed coupon to the Company of 3.95%, expected to reduce to approximately 3.45%, upon KWE entering into swap arrangements to convert a portion of the proceeds into Euros, on or around closing.
Both KWE and the Bond are rated BBB (outlook stable) by Standard & Poor's ("S&P").
Mary Ricks, President and CEO of Kennedy Wilson Europe, commented:
"This successful bond issue allows KWE to access the unsecured debt capital markets and diversifies our funding sources. It extends the maturity of our debt while moving to a more flexible corporate debt structure and maintains an attractive cost of debt, which is accretive to our acquisitions.
"The debut BBB rating from S&P demonstrates KWE's financial strength and this combined with robust investor confidence in the KWE business has resulted in a successful first issue."
The Bond is expected to settle on 30 June 2015 and be listed on the regulated market of the London Stock Exchange. J.P. Morgan Cazenove acted as Global Coordinator for the Bond, and Bank of America Merrill Lynch, Deutsche Bank and J.P. Morgan Cazenove acted as Joint Lead Managers. J.P. Morgan Cazenove was sole adviser on KWE's rating analysis.
For further information, please contact:
|
Investors Juliana Weiss Dalton +44 (0) 20 7479 7249 JWeissDalton@kennedywilson.eu |
Press Dido Laurimore/ Richard Sunderland/ Tom Gough +44 (0) 20 3727 1000 kennedywilson@fticonsulting.com |
About Kennedy Wilson Europe Real Estate Plc
Kennedy Wilson Europe Real Estate Plc is an LSE listed property company that invests in real estate and real estate loans across Europe. It aims to generate superior shareholder returns by unlocking value of under-resourced real estate across its target geographies. Its existing portfolio of £2 billion is primarily invested across office and retail in the UK and Ireland, weighted towards London, the South East and Dublin. For further information on Kennedy Wilson Europe Real Estate Plc, please visit www.kennedywilson.eu
About Kennedy Wilson (Investment Manager)
Founded in 1977, Kennedy Wilson (NYSE: KW) is a vertically integrated global real estate investment and services company headquartered in Beverly Hills, CA, with 25 offices in the U.S., U.K., Ireland, Spain, Japan and Jersey. The company, on its own or with partners, invests opportunistically in a variety of real estate related investments, including commercial, multifamily, loan purchases and originations, residential, and hotels. Kennedy Wilson offers a comprehensive array of real estate services including investment management, property services, auction, conventional sales, brokerage and research. For further information on Kennedy Wilson, please visit www.kennedywilson.com
Disclaimer
J.P. Morgan Limited (which conducts its U.K. investment banking business as J.P. Morgan Cazenove and which is authorised and regulated by the Financial Conduct Authority in the United Kingdom), is acting exclusively for Kennedy Wilson Europe Real Estate Plc in connection with the bond issuance, and is not, and will not be, responsible to anyone other than Kennedy Wilson Europe Real Estate Plc for providing the protections afforded to clients of J.P. Morgan Limited or its affiliates, or for providing advice in relation to the possible bond issuance or any other matters referred to in this announcement.
Merrill Lynch International (which is authorised and regulated by the Financial Conduct Authority in the United Kingdom), is acting exclusively for Kennedy Wilson Europe Real Estate Plc in connection with the bond issuance, and is not, and will not be, responsible to anyone other than Kennedy Wilson Europe Real Estate Plc for providing the protections afforded to clients of Merrill Lynch International or its affiliates, or for providing advice in relation to the possible bond issuance or any other matters referred to in this announcement.
Deutsche Bank AG is acting exclusively for Kennedy Wilson Europe Real Estate Plc in connection with the bond issuance, and is not, and will not be, responsible to anyone other than Kennedy Wilson Europe Real Estate Plc for providing the protections afforded to clients of Deutsche Bank AG or its affiliates, or for providing advice in relation to the possible bond issuance or any other matters referred to in this announcement.
Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and by BaFin, Germany's Federal Financial Supervisory Authority, and is subject to limited regulation in the United Kingdom by the Prudential Regulation Authority and Financial Conduct Authority.
IMPORTANT NOTICE
The securities referred to in this announcement (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons as defined in Regulation S under the Securities Act.
Under no circumstances shall this announcement constitute an offer to sell or the solicitation of an offer to buy any Securities in any jurisdiction where it is unlawful to do so. Recipients of this announcement who intend to subscribe for or purchase the Securities are reminded that any subscription or purchase may only be made on the basis of the information contained in the final prospectus relating to the Securities.
This announcement is an advertisement and is not a prospectus for the purposes of EU Directive 2003/71/EC, as amended and/or Part VI of the Financial Services and Markets Act 2000.
This announcement may only be communicated to persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply.
This announcement does not constitute an offer, an invitation or a solicitation for any investment or subscription for the shares of the Company.