Kennedy-Wilson Holdings, Inc. KW, the Beverly Hills, CA-based real estate operations firm priced an underwritten offering of 7.5 million shares of its common stock at $25.55 per share. The company intends to utilize the proceeds for repayment of outstanding balance as well as general corporate purposes.
Subject to certain customary closing conditions, the public offering is expected to close on Mar 27, 2015. Deutsche Bank Securities is playing the role of the sole underwriter of this public offering. Additionally, Kennedy Wilson granted the underwriter a 30-day option to buy maximum of 1,125,000 additional common shares.
Kennedy Wilson is a real estate investment and services company, offering an array of real estate services like property and asset management, brokerage and auction services, and construction and trust management. With operations spread across the United States, the United Kingdom, Ireland, Spain, Jersey and Japan, the company thrives on identifying, creating, seizing and maximizing real estate opportunities. The latest pricing positions it better for grabbing available opportunities. It not only offers a very attractive and comparatively cheaper source of capital, but also lends greater flexibility to the company’s balance sheet.
Specifically, Kennedy Wilson plans to use the proceeds for repaying $150.3 million of balance, which remains outstanding under its unsecured revolving credit facility, as well as for general corporate purposes such as future acquisitions and co-investments.
Currently, Kennedy Wilson carries a Zacks Rank #3 (Hold).
Investors interested in the real estate operations industry may consider stocks like CBRE Group, Inc. CBG, Jones Lang LaSalle Incorporated JLL and Landmark Infrastructure Partners LP LMRK. All these stocks hold a Zacks Rank #2 (Buy).
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