Kennedy-Wilson Holdings, Inc. KW has entered into a new unsecured revolving credit facility worth $475 million. The new credit facility has a term period of 3 years and an option to extend it by an additional year. This development is expected to add to the already sturdy liquidity position of the Beverly Hills, CA-based real estate investment and services company.
Simultaneous with the inking of the new credit facility, Kennedy Wilson ended its already existing $300-million corporate unsecured line of credit. Notably, the new credit facility has no outstanding balance and is available for withdrawal whenever necessary.
Kennedy Wilson offers wide-ranging real estate services, which include property & asset management, brokerage & auction services, and construction & trust management. Through its fund management and separate account businesses, the company functions as a strategic investor and manager of real estate investments in the U.S. and Japan. Serving as an indicator of the banks’ confidence in Kennedy Wilson’s business strategies, the new credit facility will certainly add financial flexibility to the company’s balance sheet.
Currently, Kennedy Wilson has a Zacks Rank #3 (Hold).
Other well-ranked stocks in the real estate space include Henderson Land Development Co. Ltd. HLDCY, CBRE Group Inc. CBG and Reis, Inc. REIS. All three stocks hold a Zacks Rank #2 (Buy).
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