Chicago, March 8 – Kennedy-Wilson Holdings, Inc. closed Tuesday on a private offering for $300 million, or 300,000 shares, of its 4.75% series B cumulative perpetual preferred stock, according to multiple filings with the Securities and Exchange Commission.
The purchaser was Fairfax Financial Holdings Ltd., which also received 13,043,478 warrants to purchase the company’s common stock at an exercise price of $23.00 per warrant for seven years.
The company can redeem the preferreds at par plus unpaid dividends at its option at any time.
Proceeds will be used to fund the company’s development pipeline and real estate investments and to repay debt.
Kennedy-Wilson Holdings is a subsidiary of Kennedy-Wilson Inc., a Beverly Hills, Calif.-based real estate company.
| Issuer: | Kennedy-Wilson Holdings, Inc.
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| Amount: | $300 million, or 300,000 shares
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| Issue: | Series B cumulative perpetual preferred stock
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| Maturity: | Perpetual
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| Dividend: | 4.75%
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| Call features: | At par at any time
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| Change of control: | At par
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| Trade date: | Feb. 23
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| Settlement date: | March 8
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| Distribution: | Section 4(a)(2)
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| Warrants: | 13,043,478 at $23.00 per share for seven years
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