Kennedy-Wilson expands revolver to $300 million, adds three lenders

By Marisa Wong

Madison, Wis., July 17 – Kennedy-Wilson Holdings, Inc.’s wholly owned subsidiary, Kennedy-Wilson, Inc., amended its existing revolving loan agreement on Wednesday to increase the total principal amount available by an additional $160 million, for an aggregate of $300 million, according to an 8-K filing with the Securities and Exchange Commission.

Bank of America NA, Deutsche Bank AG, New York Branch and JPMorgan Chase Bank, NA joined the existing lender syndicate.

Among other changes to covenants in the loan agreement, the company agreed to maintain an effective tangible net worth equal to or greater than $500 million plus 50% of any equity issuances after March 31.

The amendment also increases the amount of dividends that may be declared and paid on the company’s common stock without obtaining lender consent.

As of the amendment date, the borrower had no outstanding balance under the revolver and the full amount was available to be drawn.

U.S. Bank NA is the administrative agent, lead arranger and book manager under the loan agreement.

Kennedy-Wilson is a Beverly Hills, Calif.-based real estate investment and services company.

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