Kennedy-Wilson Holdings Inc Stock Price, News & Analysis

Kennedy Wilson (NYSE: KW) announced the results of its cash tender offer for up to $1 billion of its 5.875% Senior Notes due 2024. As of February 9, 2021, $576,465,000 of the notes were validly tendered. Holders of validly tendered notes will receive a Total Consideration of $1,015.00 per $1,000 principal amount, including a $30 Early Tender Premium. The Tender Offer expires on February 24, 2021, with subsequent tenders eligible for a lower consideration. The company reserves the right to increase the Maximum Tender Amount at its discretion.

Kennedy-Wilson announced the pricing of $1 billion in aggregate principal amount of senior notes: $500 million at 4.750% due 2029 and $500 million at 5.000% due 2031. The notes will be senior, unsecured obligations and guaranteed by Kennedy-Wilson Holdings. The estimated net proceeds of approximately $987 million will be used to repurchase up to $1 billion of outstanding 5.875% Senior Notes due 2024. The offering will close on February 11, 2021, with interest payments starting on September 1, 2021.

Kennedy Wilson announced plans to offer $1 billion in senior notes, maturing in 2029 and 2031, subject to market conditions. These notes are to be used to repurchase outstanding 5.875% senior notes due in 2024 and cover related transaction costs. The offering is made under an effective shelf registration statement filed with the SEC. Joint book-running managers include BofA Securities and J.P. Morgan. The company warns that actual results may differ due to market conditions and other risks related to its business.

Kennedy Wilson (NYSE: KW) has launched a cash tender offer to repurchase up to $1 billion of its 5.875% Senior Notes due 2024. As of January 27, 2021, $1.15 billion in Notes were outstanding. The tender offer will expire at midnight on February 24, 2021, unless extended. Holders who tender their Notes by February 9, 2021, can receive a total consideration of $1,015 per $1,000 principal amount, including an early tender premium of $30. The offer is not subject to a minimum tender condition and will be managed by BofA Securities.

Kennedy Wilson (NYSE: KW) will announce its fourth quarter and full year 2020 financial results on February 24, 2021, after market closure. A live conference call is scheduled for February 25, 2021, at 7:00 a.m. PT / 10:00 a.m. ET, where management will discuss the results. U.S. callers can join at (844) 340-4761, while international participants can dial +1 (412) 717-9616. A replay of the call will be available for one week post-event. For more details, visit www.kennedywilson.com.

Kennedy Wilson (NYSE:KW) has formed a joint venture with GIC, Singapore's sovereign wealth fund, to acquire and manage urban logistics properties in the UK, with potential expansion into Ireland and Spain. This venture will initially have a $220 million portfolio of 18 assets, wholly owned by Kennedy Wilson, and aims for total assets of up to $1 billion. Kennedy Wilson will manage the assets, holding a 20% stake while GIC will own 80%. The partnership focuses on growing demand for urban logistics driven by e-commerce and limited space in major cities.

Kennedy Wilson (NYSE:KW) has announced an expansion of its share repurchase program, increasing it from $250 million to $500 million. As of September 30, 2020, the company has repurchased approximately 12.9 million shares for about $232 million since the program's inception in March 2018. The repurchases will occur in the open market or through privately negotiated transactions, with timing and amount being at the company's discretion. This move aims to enhance shareholder value and reflects management's confidence in the company's future prospects.

Kennedy-Wilson Holdings (KW) reported a net loss of $25.1 million for Q3 2020, compared to a net income of $20.7 million in Q3 2019. The company's Adjusted EBITDA also saw a significant decline to $76.3 million from $142.5 million year-over-year. Despite low transaction volumes in Q2 and Q3, KW anticipates a more active Q4, highlighted by the sale of Baggot Plaza for $165 million, generating an estimated gain of $85 million. The company's Fee-Bearing Capital rose by 9% to $3.8 billion, further bolstered by significant loan investments totaling $335 million in the quarter.

Kennedy Wilson (NYSE: KW) has announced a quarterly dividend of $0.22 per share for common shareholders, with an annual total of $0.88 per share. The dividend will be paid to shareholders of record as of December 31, 2020, with a payment date set for January 7, 2021. This payment reflects the company's ongoing commitment to returning value to its investors amidst its real estate investment operations across the Western U.S., U.K., and Ireland.